Chief economist of Standard & Poor's, Jean-Michel Six, warned Monday that the time for resolving sovereign debt crisis in the euro area is coming to an end, and the region may need a new financial shock to set in motion.
Six stated in a business conference in Tel Aviv that the agreement European Union leaders last week on tax integration is an important step but insufficient.

S & P warned last week that it might downgrade ratings of 15 euro area countries, six of which have a maximum rated "AAA".
Agency usually needs three months to take such action, but said that in this case could act more quickly.

"Perhaps we need a new shock before everyone in the euro area to read the same page, such as a large bank in Germany to have real difficulties on the market, which is a real possibility of short-term," said Six.

This will be recognized that "everybody is in the same boat and even banks in Germany can be affected," he added.

EU states except Britain, agreed on Friday to continue and deepen European integration.

Financial markets but there is uncertainty about the need for further decisive action to resolve the crisis that began in Greece and has spread to Portugal, Ireland, Italy and Spain, and now threatens France and even Germany.

Six showed that the warning on the possible S & P ratings downgrade of the euro area countries was meant to give a strong signal that next year they are exposed to major risks of recession and credit crisis.

He added that S & P did not base its decision solely on the outcome of last week's summit and that there will be many more meetings before resolving the crisis.

"Obviously we will not take as important as ratings change based on a single summit. But I said that the summit was an important step forward to resolve the crisis of confidence," said Six.

Financial markets have already taken into account a series of demotions and possible relegation, including the qualifier "AAA" of France, but new measures of this type may have a negative impact on prices.