The confederation repeated the call it first made in early June a day after the necessity for an independent European credit rating agency was voiced by German Chancellor Angela Merkel.

ZSSS head Dusan Semolic noted at a press conference that 90% of credit ratings in the EU were performed by three credit rating firms: Standard & Poor's, Moody's and Fitch.

Semolic said that these firms played a distinctively negative role and their mistakes were "one of the major causes for the financial crisis". He pointed out that just before the Iceland crisis, the firms rated the country with AAA.

The credit rating agencies also play a very negative role in the cases of Greece, Ireland and Portugal, as they continue to give them ratings Semolic finds too low.

He believes the credit rating firms make a lot of money. They are not independent, but privately-owned corporations without any oversight. Semolic warned that credit rating agencies were above countries and their sovereignty.

The fear of credit rating agencies was also felt in Slovenia, when the government wanted to introduce the pension reform and the bill on mini jobs, said the ZSSS boss.

When asked why he finds a European credit rating agency would be more objective than the US firms, Semolic said the US firms had a distinctively negative heritage that has already cost them their trustworthiness.