Greece can be saved if it does everything to dispel doubts about its dedication to reform and other states leave no doubt about their commitment to keep the country in the eurozone, the president of the European Commission said on Wednesday.

"I believe if Greece stands by its commitments it should, as a member of the European family, stay in the euro area,» European Commission President Jose Manuel Barroso said in a speech to the European Parliament in Strasbourg.

Barroso also said the European Central Bank had a crucial role to play in ensuring the future of the euro. The ECB had the duty and the right to restore the integrity of monetary policy and it was within its mandate to buy bonds in the secondary market, he added.