The euro is “irreversible,” but leaders have little choice other than implementing changes to prevent the euro zone debt crisis from cascading across the continent, European Union Economic and Monetary Affairs Commissioner Olli Rehn told CNBC on Tuesday.
In an interview with CNBC’s “Squawk Box,” Rehn declined to speculate on whether Spain or Italy would need a financial rescue package. However, he said European policymakers “stand ready to take action if needed” if any member state were to ask for a bailout.
European leaders need to “reform and reinforce the very foundations of the euro and the euro zone,” Rehn said. “The euro is irreversible, and it’s essential that we maintain the unity of the euro.”