Each country remains responsible for its chosen exchange rate regime, and a plurality of approaches seems feasible. Such a variety could also be observed with respect to existing Member States prior to their entry into the EU.
Let me frame the reform problem this way: Europe is facing the challenge of overcoming obstacles to reform along the route to a sustainable and coherent community order. There is certainly more than just one solution. The option of reforming the common economic and financial framework towards stronger European liability, however, is predicated upon transferring more national sovereignty to the European level.