The agencies give ratings, Europe is moving forwards

The downgrading of the euro zone States' rating by Standard & Poor's on 13th January last did not rock the markets as it had been feared. The basic meaning of the message in October was not the only thing that they took on board when the agency announced that it was placing France under surveillance. To date the markets have accepted the European strategy set in place after the Council on 9th December 2011, which aims to combine national financial consolidation and European financial solidarity. This plan seems to be the necessary condition to lead the euro zone towards budgetary integration, which is coherent with the States' choice to use the same currency. In this process France seems to be the decisive link due to the driving role played by the Franco-German couple. Germany does not want to lead Europe alone, and it wants even less a 'German' Europe. France and Germany both enjoy the critical mass to take the entire euro zone forwards. France is therefore a decisive link in the ongoing process; it is vital for it to continue with its financial reforms and to increase its competitiveness. The forthcoming presidential campaign is therefore quite risky: the markets are keeping it within their sight.

Standard and Poor's: 30.5.13: Standard and Poor's Rating Services http://www.google.co.uk/url?q=http://www.standardandpoors.com/&sa=U&ei=vBGnUd3UJobM0AX75oCIDA&ved=0CB4QFjAA&usg=AFQjCNFCZ5lRroCNEEED9XnhzRTFQJWAZw

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