LONDON - The European debt crisis and downgraded US credit rating do not signal a double-dip recession, British experts noted.

They also said that creating a single eurozone bond will be the next step in the process, but it will take more time.

"Peripheral countries entering the recession are going to slow down the European economy a bit, but as long as core European countries continue to be stable and banks get the write-down they need, the European economy should continue on well," John Muellbauer, a professor of economics at Oxford University, told China Daily.