Downgrades add to euro woes

Eurozone should encourage support of other countries by removing their artificial trade barriers and increasing access

Amid protracted political infighting among the eurozone countries on how to overcome their debt crisis, Standard & Poor's (S&P) recently cut the credit ratings of nine eurozone members, including France and Austria, which had long enjoyed the top AAA credit rating.

The downgrades have irked eurozone leaders, as they come at a time when debt-laden EU countries have been struggling to find solutions to their financial distress. S&P defended its action on Saturday, saying the region's leaders have not done enough to solve their debt crisis and that France and Germany should make greater efforts to reduce the growing risk of debt defaults in the region. It is a reminder of the warnings issued by Robert Zoellick, president of the World Bank and Christine Lagarde, head of the International Monetary Fund (IMF) that the world economy is entering a new danger zone and that all countries should make combined efforts to promote economic growth and stability.