Corbett Says Important Not to Overreact to Italy Downgrade

Investors shouldn’t overreact to Italy’s downgrade by Standard & Poor’s, said Richard Corbett, an aide to European Union President Herman Van Rompuy.

“We shouldn’t overreact and think this signals somehow a downward spiral over the whole euro system,” Corbett told Bloomberg Television from Brussels today. He called the downgrade a warning to Italy that “can help put pressure on for further reforms.”

The euro remains a solid currency overall, he said, pointing to the euro area’s balanced external accounts.

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