"In the 20 years before Greece end up with the Euro, efforts to improve competitiveness through exchange rate and adjustments resulted only in temporary gains of competitiveness"

This quote by Lucas Papademos is referring to the amount of time before Greece adopted the Euro as its currency. During this time, Greece tried to enhance its competitiveness in the global market by adjusting its exchange rate. Nevertheless, these efforts just resulted in short-term gains in competitiveness. This suggests that the currency exchange rate changes were inadequate to sustainably improve Greece's competitiveness in the long-term. This quote highlights the significance of having a stable currency in order to guarantee financial stability and long-lasting competitiveness. The adoption of the Euro supplied Greece with a more stable currency, which has permitted it to end up being more competitive in the international market.