At the same time, a stronger global role for the euro may have tangible consequences for the conduct of monetary policy, all of which we would need to understand and take into account when designing the common monetary policy for the euro area.
We will see the benefits of the reforms not only in a longterm perspective, but already today, because confidence today, and therefore the success of the decisions already taken by central banks and governments, depends on the quality and credibility of the ambitious reform exercise that has started a few months ago and that is presently deepening with the recent and future meetings of the G20.