In a speech on 'Building on the euro's success' given on 26 February, Tommaso Padoa-Schioppa of the ECB said the rampant euro proved the eurozone was doing its bit to ease global imbalances and scalded Asia for fixed currency regimes. By operating a peg against the dollar or intervening to keep their currencies cheap, Asian countries were risking a protectionist backlash and not helping their future integration into the world economy.

"Europe has fully supported the adjustment process over the