Europe goes ahead with its bank consolidation plan and with its fiscal consolidation policies, regardless of the judgments of the rating agency. This was stated by Amadeu Altafaj, spokesman for the European Commissioner for Economic and Monetary Affairs, Olli Rehn, at a press conference in Brussels.
“We know what we have to do and we are doing it – he added -. Let's not change our agenda because rating agencies shouldn't tell us what to do." Standard & Poor's decision to downgrade half of Europe and the bailout fund (EFSF), reiterated Rehn's spokesman, "is profoundly wrong", so "there is no reason to change what was decided ”.
So we will continue to "strengthen the banking sector" and work to achieve "fiscal stability". The European Commission, he concluded, believes that the endowment of the state-saving fund should be "increased", in order to increase "its deterrent power".
