European Central Bank (ECB) Executive Board Member Yves Mersch said that membership of the Eurozone is irreversible and the exit from the Eurozone is not foreseen in the European Union's treaty.

"We consider participation in the euro area to be irreversible and it is on this assumption that the regulations and the treaty have been written," he said.

Mersch noted that that the European approach to a problem was a cooperative one.