German Chancellor Angela Merkel is calling for the creation of a European-wide credit rating agency, after major U.S.-based agencies downgraded some European economies.

Ms. Merkel pointed out to German television Sunday that even the Chinese have a ratings agency. She said she would welcome one for Europe.

EU leaders have criticized the U.S. rating agencies Fitch and Moody’s for downgrading the credit of Greece, Ireland and Portugal. According to those agencies, all three governments’ bonds are risky investments.

EU officials call the U.S. agencies too powerful, and say they harm vulnerable economies struggling to emerge from debt.