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"We believe that the EU collectively and the euro area member states individually are taking the necessary action to support the EU economy"
- European Commission
Standard & Poor's is incorrect to think the euro zone countries are excessively focused on budget austerity and the timing of its downgrades was "odd", said the European Commission on Monday.
"We believe that the EU collectively and the euro area member states individually are taking the necessary action, and have and will continue to take the necessary action to support the EU economy," European Commission spokesman Olivier Bailly told a daily news briefing.
"The idea expressed by the ratings agency that Europe is pursuing a strategy based on a pillar of fiscal austerity alone is a serious misperception."
"We take note indeed of what Standard & Poor's decided last Friday, but we believe, as vice president Rehn and the Commission have said, that it is inconsistent on substance and it's really odd as far as the timing is concerned," Bailly said.