Standard & Poor's on Wednesday cited the rising risk of credit rating downgrades for euro area nations if a large number of economies slip back into recession as it is projected for next year.

David Beers, the global head of sovereign ratings at S&P said in a speech in Dublin that he expected the ECB to take a more aggressive approach saying with so much at stake, one would expect that some accommodation can be found between euro zone monetary authorities and national policy makers that balances substantive government policy actions with more aggressive steps by the ECB to counter a renewed economic downturn.