French President Nicolas Sarkozy on Sunday, in his first public reaction to France's credit rating downgrade, vowed to carry out more reforms to lead the country out of crisis, local media reported.
"The crisis can be overcome provided that we have the collective will and the courage to reform our country," the French president said at a memorial service for a former prime minister in the central town of Amboise, quoted by the French news agency AFP.
He said he will use Wednesday's "social summit" to discuss with representatives of unions and employers the issues relating to job market and try to halt rising unemployment which hit 9.8 percent in 2011 and could reach 10 percent in 2012.
The president said he would address to the nation at the end of the month and would tell the French about "the important decisions that need to be made without delay," the AFP said in its report.
The president made no mention in his speech in Amboise of Friday's downgrade by Standard & Poor's.
On Friday, U.S.-based ratings agency lowered France's top credit rating triple-A by one notch to AA plus amid a mass downgrade across the eurozone, hanging a question mark over the European leaders policy to stem the debt crisis.
French Prime Minister Francois Fillon on Saturday said he believed "the note of France remains among the best in the world," however, his government would focus on pressing for structural reforms able to accelerate growth and enhance competitiveness in order to guarantee a growing economy with spending cut.
On Sunday, the prime minister urged to accelerate social reform. He expect that Wednesday's "social summit" could help lead to major reforms. He told French paper Le Dimanche that "the Standard & Poor's (downgrade) decision makes this meeting more relevant than ever. We must now reform for competitiveness."
To French political opponents, soaring debts and S&P decision were the fruits of a failed policy of Sarkozy which accumulated 600 billion euros (760.74 billion U.S. dollars) of additional debts during his mandate.
In 2012, France has 1.3 trillion euros (1.64 trillion dollars) of outstanding debt and will issue up to 178 billion euros (225.78 billion dollars) in medium and long-term paper./.