While there is no doubt that world economy is battling tough time, here comes another report which indicate that there are chances that Standard & Poors could reduce credit ratings across the euro zone.

It has been known that Nicolas Sarkozy and Angela Merkel are mulling the option to impose extra charges on those countries which have not been able to meet up the deficit target, and with this news coming at the door, there are sure shot some concrete measures in store for the countries which could change European rules.

It has been told that owing to “continuing disagreements among European policy makers on how to tackle the immediate market confidence crisis” S&P had no option left but to discipline the countries, including Germany and France. There are nearly 15 countries under the scanner.

There are already lingering concerns for the economic growth of the countries in the EU, and with such reports, future seems to be looking quiet uncertain. There is need for significant steps being taken to address the long running euro debt crisis else things could go off track soon.

“This will help with the implementation of the proposals laid out by Chancellor Merkel and President Sarkozy to help stabilize the euro zone”, said Norbert Barthle, Merkel’s budget spokesman, who is of the say that this news has given a jolt to all, indicating that things are to be mend for sure. There must not be any scope of complacency right now, or else the European countries could face a dark future in the time to come.

There is already negative sentiments flowing in the market, and the EU needs to take up the matter in hands at this week's summit so that some solutions could be carved out. Both the French President and German Chancellor are, however, determined on resolving the matter.