It is up to European governments to provide a lasting backstop for liquidity, Noyer said, as a two-year-old sovereign debt crisis now threatens Germany and France, Europe's two largest economies.
The euro, under selling pressure for weeks, rose on Monday on signs that debt-strapped Italy could turn to the International Monetary Fund for aid as a lack of consensus hampers Europe's response to its debt woes.
"I believe that virtue will eventually be rewarded," Noyer said in a speech.
"In the next decade, markets and lenders will trust those currencies that, whatever the circumstances, are managed with one overriding priority: preserving price stability and the intrinsic value of the currency unit."
ECB members have consistently resisted pressure to greatly expand purchases of European sovereign debt to stave off a crisis that started in Greece.
The prospects for Europe are not bright as the German government, the Bundesbank and hardliners in the ECB have so far blocked important policy options.
One source with knowledge of the matter said contacts between the IMF and Italy had intensified in recent days as concern has grown that German opposition to an expanded role for the European Central Bank could leave Italy without a financial backstop if one were needed.
The source said it was unclear what form of support could be offered, such as a traditional standby arrangement or a precautionary credit line, if a market selloff on Monday forced immediate action.
Yields are low now in countries whose central banks purchase government debt, but this could become unstable if the inflation environment changes, Noyer said.
A rise in sovereign yield spreads and a loss of confidence in Europe shows that there are downside risks to price stability, he also said.
Noyer, also the Bank of France governor, said marking banks' sovereign debt holdings to market prices has unintentionally created more problems for the region's sovereign debt crisis. Involving private-sector investors in restructuring Greek debt also shows that sovereign debt is no longer risk free, he said. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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