The news of a rash of downgrades in credit-worthiness, both for the short-term and the long-haul, was generally taken with a healthy wince and a shrug by the governments of Europe. After all, people who live in glass houses ought not throw stones: despite what prognosis rating agencies in the United States threaten, which only speak to a skittish cabal, a massive underclass of underwriters enabling a more elite class of cooler heads to continue exercising grander manipulations, that does not discount the fact that a group of seventeen and twenty-seven nations, with different cultures, languages and priorities are still willing to engage one another peacefully and fairly in order to work things out.
Meanwhile, the US (which also does not enjoy a rating par excellence) has a legislative body that has not been able to agree on a budget for a more monolithic and formerly agile union for over three years now and has been operating on temporary measures while its sovereign debt has continued to swell. The EU is keenly aware of this sort of stalemate, political and economic, and the irony of the speed of its own deliberations. Reaction to opinions--especially considering the source, those same fashion-mavens that so enthusiastically commended the sub-prime mortgage market and encouraged exposure and contagion to a whole series of booms and busts, may drive markets but not real economies.
