Reassuring the markets that Europe can resolve its debt problems is among the main objectives of the EU crisis summit in Brussels. French Prime Minister Francois Fillon told euronews that recent negative actions by credit rating agencies were a wake-up call to the EU.
He said: “I take Standard & Poor’s decision to place all the eurozone states under negative watch, as a call to eurozone heads of state and governments to embark quickly on the path of reforms, in order to give the eurozone more governance, and to give the eurozone the ability to react and to fight back more efficiently.
“So, that’s it, I consider that S&P is sending us a challenge, and we are going to take up that challenge during the European Council.”
EU leaders have been much criticised for their failure to respond decisively to the crisis and the markets will be looking for nothing less than a clear strategy and concrete measures from what is considered a make-or-break summit.
Fillon: 'EU must rise to credit rating challenge'