So, please, Mr. Trichet, stop treating the public like we're stupid. The European Banking Authority could revoke the rating agencies' ECAI status for the purposes of regulatory capital requirements in the EU tomorrow. Banks would then be forced to use their own credit risk assessments instead of buying them off the shelf from the rating agencies. The ECB is not required to define its collateral eligibility requirements in terms of agency ratings, they choose to do so. And so on and so forth.

Yep.

_{*Lunatic*, n.
One whose delusions are out of fashion.}