Hence managing exchange rates will become more important for macroeconomic management. This does not mean that managing the exchange rate should take precedence over all domestic policy objectives; rather central banks should recognize that optimal macroeconomic management can encompass balancing multiple objectives rather than an exclusive focus on a single objective. 7  4  Calvo and Reinhart (2002).
Opening this seminar, I would like to convey to you five messages regarding the reflection on the policy and governance framework required to ensure prosperity in Europe. The first message is that, most of the time, the European response during the crisis has been reactive, delayed and built from national perceptions of the problems faced by the Union and, in particular, the euro area.