European Financial Stability Facility chief executive Klaus Regling said the euro area has found the "right response" to the sovereign debt crisis.
"In its first decade of existence, the euro has undeniably been a success story, it has brought low inflation to the euro area and provided protection against volatility in the single market," Mr Regling said today at a conference in Luxembourg.
"The euro today is the world's second-largest reserve currency, however the design of EMU was not perfect. There were gaps and there was insufficient implementation of the agreed rules."
Mr Regling said although some may argue the reform efforts of member states were not far-reaching enough.
"This might be true for individual initiatives, but if one looks at the complete package, I believe Europe has found the right response to reshape the supervisory architecture, to strengthen economic governance and to set up a permanent crisis mechanism in one comprehensive approach and that's a promising way forward to manage the euro area better in the future, to regain confidence of markets and to prevent future crises."
Bloomberg
