Euro group chairman Jean-Claude Juncker said on Monday it would be surprising if the rest of the world, and the euro zone in particular, avoided repercussions were the U.S. to lose its AAA-credit rating.
In an interview with France's Le Figaro newspaper, Juncker also said there would be "no blank cheque" for struggling euro-zone peripherals as they would be obliged to stick to the conditions of their bailout programs.
Juncker, the prime minister of Luxembourg, said a wide-ranging bailout deal for Greece hammered out at a heads-of-government-meeting last month in Brussels was on track, though these decisions could have been taken sooner.
"If any holes are discovered, they can be repaired," he told the newspaper.
Referring to French President Nicolas Sarkozy's proposal to overhaul the governance of the euro zone, introducing a greater role for national governments in steering economic coordination, Juncker said European Council President Herman Van Rompuy would be a "logical and natural candidate" to head a "council of the euro," the paper said.
(Reporting by Daniel Flynn; Editing by Catherine Bremer)