Germany says downgrade a "small warning" to France
BERLIN (Reuters) - German Finance Minister Wolfgang Schaeuble said on Tuesday that France had received a "small warning" when Moody's stripped it of its triple-A rating, but cautioned against over-dramatising the cut.
"We got the news last night that our most important partner had received a small warning from a ratings agency," Schaeuble said in a speech to the Bundestag lower house of parliament.
"France's rating is still stable, one shouldn't over-dramatise this. We all have an interest in everyone in Europe living up to their responsibilities."
The ratings agency cut France's sovereign credit rating by one notch to Aa1 from Aaa, citing an uncertain fiscal outlook and deteriorating economy.
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DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.