FRANKFURT, Germany (AP) -- The euro rose against the dollar Monday, eroding gains the U.S. currency had made after voters in France and the Netherlands rejected the proposed EU constitution.

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The 'no' votes by Dutch and French voters to the EU constitution plunged the EU into a crisis of confidence and the euro drooped against the dollar. Some ministers in euro-zone governments even questioned whether the euro should be dropped.

But in an advertisement Monday, Austrian Central Bank Governor Klaus Liebscher defended the currency and said it brought unity to the continent.

"A common market without a common currency would have remained just a torso. The euro itself has been effective," Liebscher, also a member of the European Central Bank's governing council, said in the ad in the Austrian newsweekly Profil.