This is a difficult question, not least because this kind of counterfactual analysis is inherently impossible, and I will not pretend to know the answer. But let me just say that we have been happy to sit out the storm within the euro area rather than outside it. The exchange rate is not a straightforward policy instrument.
Although in principle, it may support faster adjustment of real imbalances, experience has shown that it becomes difficult to control precisely when the challenges are greatest. In times of crisis, the exchange rate tends to respond to financial disturbances rather than to real imbalances and, more often than not, it becomes a constraint on policies rather than a useful adjustment channel.