Paul Volcker made the comments while giving a speech in London.
The former banker said that the crisis had led to âthe great problem of a potential disintegration of the euroâ.
He stated: âThe essential element of discipline in economic policy and in fiscal policy that was hoped for [has] so far not been rewarded in some countries.â
âWill economic and financial distress finally be resolved by looking toward more integration in a closely integrated Europe, politically as well as economically? I do have my hopes, as a believer in the euro,â Mr Volcker added.
The former chair of the Fed currently sits on the US Economic Advisory Board as chairman.
US president Barack Obama set up the panel to provide advice on the best approach to the USâs economic recovery.
Meanwhile, Jon Snow, former US Treasury secretary, made comments earlier in the week during a speech in Oxford which pre-empted those made by president Obamaâs aide.
âFor the euro to be able to survive long-term, fiscal consolidation of some kind - tax policy consolidation, fiscal policy consolidation - is probably necessary,â he stated.
By Jim Ottewill