Speaking at a meeting of the Slovenian Bank Association (ZBS) with journalist, the acclaimed international finance expert, said that US rating agencies played an important negative role in the crisis, which has tarnished their reputation and prompted calls for a European agency.

However, "if Europe sets up its own rating agency, this will not be for this crisis but maybe for one in the future", he noted, explaining that it takes time for an agency to gain credibility and trust among investors.

While investors are showing a lot a readiness to use new channels for assessing risk "a short-term alternative presently does not exist". In the long-term, setting up a new agency could also be accompanied by technical difficulties and a series of dilemmas.

Another issue, in Mrak's view, is that agencies are only risking losing their good name while not being subject to material accountability. Lawsuits questioning this are being filed around the world and "in case they succeeded, giving agencies material accountability, this would mean their end", Mrak concluded.