There appears to be concerted action by the central banks in Europe to resolve the continent's debt crisis.

Among the moves to resolve the crisis, Spain has managed to sell 3.75 billion euros of its debt.

This good news is tainted, however, with credit ratings agency Standard and Poor's this week stating it's considering cutting the credit rating of 15 euro zone countries.

These include European backbone economies France and Germany.

This warning was greeted warmly by German Finance Minister Wolfgang Schaeuble, who says this will motivate leaders to resolve the debt crisis at a December 8-9 summit.

'The truth is that markets in the whole world right now don't trust the euro area at all,” says Wolfgang.

Speaking to Bloomberg News he said: 'to do what we've promised, namely to take the necessary decisions step-by-step and to win back the confidence of global investors”.