After rating downgades, Merkel and Sarkozy vow swift action

Once again, Euro zone leaders professed their intention to implement financial reforms and establish a bailout fund more quickly. After the move by Standard and Poor’s to downgrade the credit ratings of France and other nations, German President Angela Merkel promised a speedy response.

However, the failure of Europe’s leadership to reach any consensus about solutions to the growing crisis is likely to increase pressure on Merkel to pledge a greater commitment by Germany, analysts say. Germany emerged unscathed from S&Ps review.

Meanwhile, French President Nicolas Sarkozy used the days after the downgrade of his nations credit rating as an opportunity to call for calm and courage.