british deputy prime minister nick clegg and greek minister papandreou joined the presidents of the european central bank and others on a panel to discuss europe's economic future. the panelists focused on the strength of the euro, transparency and governance and the role of the european central bank. this one-hour panel was hosted by the world economic forum and davos switzerland. >> good afternoon ladies and gentlemen. it is a great pleasure for me to be chairing the session, not just as editor of the national times but also as a former brussels correspondent. i spent six years watching the euro created in the 1990s and now we have 10 years on. some very severe challenges for europe and we have an expert panel, a panel with different perspectives from the political to the central bank, to the private sector. i think we are going we are going to have a very interesting discussion this afternoon. now the format is that each of the speakers will speak briefly. i will then ask if you very gentle questions, and then i will open it up for the floor for questions. we can have an interactive discu

. >> now i would like to turn to nick clegg deputy prime minister of united kingdom, the leader of the damp -- and a leader of the new coalition government which did next to go back to the drawing board. it tore up the rulebook of british politics forging a coalition. >> thanks. i speak as a rare british politician who is still prepared to both admit to and still defend my view that at the time the euro was created it was something that deserved everyone's support and impact of the time i even advocated britain's entry in into the euro. when i think about the drawing board that i believed in them, however many years ago, and what is happened in the eurozone sense, i don't actually think indirect answers the question we need to go back to the drawing board. it is a question of the -- it is kind of actually returning to what the drawing board said in the first place. win the euro was first established, i remember being particularly attached in my own mind to two things. firstly, having this monetary policy straitjacket on a range of different countries, different conditions, would at lea