Credit rating agency Moody's said it would review the credit ratings of all EU countries in the first quarter of next year after a summit of European leaders last week failed to deliver what it called "decisive policy measures". "The absence of measures to stabilise credit markets over the short term means that the euro area, and the wider EU, remain prone to further shocks and the cohesion of the euro area under continued threat," the ratings agency said in a statement. European markets fell this morning, though Asian markets rose, after last week's agreement by 26 of the 27 EU members to introduce tougher fiscal rules in a bid to save the euro zone. Moody's said last week's announcement by EU policymakers offered "few new measures". It said what was announced did not change its previously expressed view that the euro zone crisis was "in a critical and volatile stage". Another ratings agency, Standard & Poor's, put more pressure on the euro zone today, with its chief economist saying time was running out for the bloc to resolve its debt problems and that it might need another financial shock to get it moving. Jean-Michel Six, chief economist of the agency that shocked financial markets last week by putting 15 euro zone countries on a watch for a potential downgrade, said last week's EU summit agreement was a significant step forward, but not enough. S&P usually takes around three months to act after a warning, but has said that in this case it may do so more quickly. "There is probably yet another shock required before everybody in the euro zone reads from the same page, for instance a major German bank experiencing some real difficulties on the markets, which is a genuine possibility in the near term," Six told a business conference in Tel Aviv.