Standard & Poor's decision to cut the sovereign credit ratings of nine eurozone countries shows Europe must step up its efforts to kick-start growth, Britain's foreign minister said on Sunday.
William Hague also said Britain's Foreign Office had contingency plans for a variety of scenarios in the eurozone while declining to confirm media reports that his department had drawn up plans to aid Britons living in eurozone countries if the currency collapsed. S&P downgraded the credit ratings of nine eurozone countries on Friday, with France and Austria stripped of their coveted triple-A status.
"This is serious. It underlines the fact that the eurozone is not through its problems. We want it to be stable and healthy, that's in our national interest in this country, but it means that across Europe, including the UK, we need to redouble our efforts to get growth going," Hague told Sky News.
He called for the European Union to agree more free trade agreements with other countries, drive forward the EU's single market and stop passing regulations that made life more difficult for businesses.
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