Economy of the European Union

France and Germany are trying to spur their fellow European leaders to make bold changes to European treaties in order to get economic stability in the eurozone.

As critics pound the euro as the source of their economic problems, and others worry about how its loss could be devastating, many say that the loss of the euro would have another profound effect: a major erosion of the still developing sense of European identity.

Standard & Poor’s, the debt rating agency that downgrades U.S. debt this summer has issued a warning that France, Germany and 13 other European Union countries, those using the Euro, may see their credit ratings reduced.

As Europe searches for a way out of the current financial crisis, some are looking to China. But any deal would come with strings attached.

Eurozone leaders agreed back in July to expand the bailout fund for Greece to more than $500 billion — Germany’s lawmakers approved the agreement on Thursday.