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The euro currency both presupposes and promotes a fiction - that 'Europe' has somehow become, against the wishes of most Europeans, a political rather than a merely geographic expression.

But I would bet that the euro continues to exist and that its importance as a global currency will likely increase.

It's in our interests that the euro is a successful, strong currency.

The reserve currency role seems to add prestige to an area and some people in Europe have talked about the desirability of the euro becoming an international reserve currency.

It's political glue inside Europe to keep it together - the euro is the best thing going for it since the creation of the common market.

You've got some very powerful countries: Poland, the United Kingdom, Sweden and others who have a genuine desire to see the euro zone straighten itself out. It's good for all of us, whether you're in the euro zone or not, to make sure that it doesn't lead to a fracturing.

Indeed, the creators of the euro envisioned it as an instrument to promote political union.

The Greek people do not want to exit the euro. And I believe the Greek people already have shown that they have made major sacrifices to stay in the euro zone.

The euro is a vital issue for Germany. There is no other country that derives as much benefit from the common domestic market and the monetary union as Germany.

It is obvious that the monetary union among 17 very different European countries does not work. As an economist, I know that the Eurozone is not an optimum currency area, as defined in economic theory.