The head of European Financial Stability Fund, Claus Reglig, expects that reforms currently underway in Greece, Ireland and Portugal will strengthen the euro currency. "Markets are evaluating more positively the euro in recent weeks," Reglig said in an article in the German financial newspaper Handelsblatt, adding that markets "are taking more seriously" the fact that European leaders will not allow the break-up of the monetary union.

A future, permanent crisis management mechanism, which will take over from EFSF from 2013 onwards, will include a clause for the participation of private creditors in debt restructuring procedures. "Credits by EFSF and ESM to Eurozone states in a difficult position will be offered under strict economic and political terms," he said, adding that these credits must be repaid.

Reglig said it was necessary to return to "the vision of the euro founders" that states with effective economic, labor and social policy will set the direction of the monetary union. He added that "if this would lead to permanent reforms in national level - as currently in Greece, Ireland and Portugal and other euro zone states - then the euro and the Eurozone will come out stronger from the crisis".