I Standard & Poor's downgrades arouse suspicions in Europe. Officially no charges, but in Brussels they cannot help but notice "the strange timing" with which the downgrades for half of Europe arrived, including those against France, Italy, Austria, Spain and Portugal. He acknowledges it publicly Oliver Bailly, spokesman for the EU Commission, according to which "the idea expressed by the rating agency is the result of a seriously wrong perception".
The decision taken by S&P, in fact, “comes after several positive events, at the end of a day with favorable aspects, and after positive signals from the markets”. Furthermore, he underlines, the rating agencies "do not have a whole series of information on states", which is that "exchanged between member countries and the Commission". In light of all this, "there does not seem to be any substance" behind the flurry of downgrades, and the moment in which they arrived is "strange", reiterated the EU Commission spokesman.
Bailly recalls that in the draft presented on November 15th, the Commission did not envisage suspending the activity of the rating agencies, but rather making the opinion not so strictly binding in order to avoid repercussions on the economy of the countries and, therefore, of Europe.
At this point, he explains, it appears clear that it will be necessary to proceed with fiscal stabilization – which "remains the priority" – which must however be accompanied by a "complementary implementation of additional measures" (such as structural reforms for growth and employment). Bailly then returns to urge the creation of Stability bonds: "We believe they can be a useful tool to ensure stability".
