(BRUSSELS) - EU finance ministers are set to step up scrutiny of credit rating agencies at a meeting on July 8 by backing plans to require their registration in Europe, a document said.

Draft conclusions of the meeting, obtained by AFP on Wednesday, said that measures so far were insufficient and that "further steps are needed and that regulatory changes might be necessary."

EU Internal Market Commissioner Charlie McCreevy has said he would propose tougher scrutiny of rating agencies and French Finance Minister Christine Lagarde has called for them to be registered.

Lagarde has said that she would seek progress on the subject early during France's presidency of the European Union, which started on Tuesday.

The ministers, according to their draft conclusions, backed the idea "that the rating agencies should be subject to an EU registration system."

Leading rating agencies Moody's, Standard and Poor's and Fitch have been blamed for playing a role in the financial sector's turmoil over the last year by failing to highlight the dangers of debt instruments at the root of the problem.

Text and Picture Copyright 2008 AFP. All other Copyright 2008 EUbusiness Ltd. All rights reserved. This material is intended solely for personal use. Any other reproduction, publication or redistribution of this material without the written agreement of the copyright owner is strictly forbidden and any breach of copyright will be considered actionable.