"[The] euro area is fully equipped to manage its own currency... [but] better discipline is required in the preparation of the euro area's position to ensure that a consistent message is sent to its partners," Lorenzo Bini Smaghi, member of the executive board, ECB, said.

In a speech on 3 July about "the euro as an international currency: implications for exchange rate policies," Smaghi said, communications, "especially during the process of preparing the common positions," needs to improve.

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