Bloomberg reported that banks and ratings companies are warning that euro area risks will continue unless its guardians intensify efforts to beat the two-year-old sovereign debt crisis.

The Bloomberg report indicates that European finance chiefs are preparing to meet this week and economists from Morgan Stanley, UBS AG, and Nomura International Plc say governments and the European Central Bank must step up their crisis response.  The report also states Moody’s Investors Service said the “rapid escalation” of the crisis threatens all of the region’s sovereign ratings.

Pier Carlo Padoan, the chief economist at the Paris-based Organization for Economic Cooperation and Development, cut forecasts for European and global growth.