On Tuesday German Chancellor Angela Merkel said the impending reforms in the euro area, while minimizing the impact of the announcement (Monday) by the rating agency Standard & Poor’s to place the notes of long-term debt of 15 of 17 countries in the eurozone “negative watch”.
“We will take the necessary decisions for the euro area Thursday and Friday. I always said it was a long process, which will last some time. We will continue on the path of reform (…) The actions of the agency rating under its own responsibility, “said Merkel.
The announcement of Standard & Poor’s applies to all countries in the euro area recorded so far “AAA” (the highest rating possible), that is to say Germany, Austria, Finland, France, Luxembourg and the Netherlands.
Monday night, France and Germany have agreed to take further action in Europe on the eve of an EU summit held in Brussels on 8 and 9 December. According to French President Nicolas Sarkozy, the measures include the signing of a new EU treaty by all 27 EU members or the 17 countries of the euro area.
“We need structural changes, a new treaty,” said Merkel.
The Franco-German proposals will be submitted to the European Council President Herman van Rompuy, who will present to the leaders of the European Union on Thursday night, said Sarkozy.