Further apart?

EUobserver / Merkel backs creation of European credit rating agency: "A European agency could provide 'an understanding of basic economic mechanisms different from the existing agencies, more oriented towards ...[sustainability] of the economy and less on the short term,' she said. 'More competition in this area can not hurt.'"

Well, is the European debt crisis just a result of hostile American credit rating agencies? I guess Merkel is saying that if we just let Greece, Portugal and Spain alone, things will improve. With more competition in the credit rating business it would be interesting to speculate on which type of agency the so called investors would choose. Which type of economic philosophy will reign? What kind of money will stay in Europe?