“The euro is a respected currency in the world. The exchange rate of the euro is not a target, it’s not a measurement of the credibility of the euro, but it is still an indication. But there are problems. Recent events have demonstrated the shortcomings in the economic governance of the euro zone and the main challenge for the months and years to come is to improve effectively the economic governance of monetary union.”
On leaders’ response to the fiscal crisis:
“The recent decisions are encouraging. I refer precisely to the strengthening of the pact for stability and growth, to the new pact for the euro about competitiveness of our countries; I refer also to the European Stability Mechanism. All these decisions, rules and procedures go in a good direction. The problem now is they have to be implemented and respected and if needed sanctioned. We had with these dramatic events a ‘prise de conscience.’ It is often the way followed by Europe -- a crisis is needed to progress.”
http://www.bloomberg.com/news/2011-03-31/ecb-s-quaden-says-in-europe-a-crisis-is-needed-to-progress-.html
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