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EU chides S&P for ratings downgrades, promises reform

Last Updated: Saturday, January 14, 2012 - 10:24

Brussels: The EU's top economic official criticised Standard & Poor's downgrades as "inconsistent" on Friday and said the currency area was taking action to resolve its debt crisis.

"After verifying that this time it is not accidental, I regret the inconsistent decision," EU Economic and Monetary Affairs Commissioner Olli Rehn said in a statement, taking a jab at the ratings agency in recalling its November accident in which it informed some clients of an erroneous French downgrade.

Rehn, who recently took on new powers to police euro zone budgets, said the bloc was addressing its problems and was making progress in calming financial markets.

"It is now important to finalize as soon as possible the features and practicalities of the European Stability Mechanism and ... to advance its entry into force to July," he said of the eurozone's permanent rescue fund.

Bureau Report

First Published: Saturday, January 14, 2012 - 10:24
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