Now we must quickly look forward and draw the right conclusions for the future stability and success of the common European currency". The Euro-zone is in need of stronger rules and oversight mechanisms to ensure member states obey the Stability and Growth Pact debt limits, in order to prevent future problems from arising. In this context the EU also needs to look into the role and responsibility of the rating agencies. The fact that rating agencies are being paid by the institutions they rate may put their impartiality into question.  Therefore, European Liberals welcome the initiative of liberal Commissioner for Economy and Monetary Affairs Olli Rehn to propose possibly far reaching new procedures for economic and monetary coordination in the EU.

"This monetary crisis as much as the handling of European air traffic after the volcano eruption painfully demonstrated that the EU-institutions are fair weather institution, badly geared to act decisively and effectively in times of crisis. After the crisis must not mean before the next crisis", concluded President Neyts.