Euro is not in crisis Euro countries in debt crisis Euro remains anchor of stability,trust Europe in worst crisis since World War II Many of Europe problems âhome madeâ EU-17 growth divergences pose challenge for ECB 1Q growth was âstronger than expectedâ Stark says situation in peripheral countries âcriticalâ Greece, Ireland, Portugal, Must follow EU, IMF programs Greece âis solventâ Greek debt restructuring wonât solve problems Restructuring weakens government resolve to stick to aid plan Restructuring would cut off a government from markets Restructuring would be catastrophic for EU, IMF programs Restructuring would push banking system to brink âIllusionâ one can solve budget crisis by restructuring EU proposal not the quantum leap needed ECB wants automatic sanctions for budget offenders There hasnât been a transfer yet in Euro area ECB will continue to deliver price stability April rate increase was to anchor inflation expectations Interest rate level very low ECB didnât signal rate increase rhythm ECB signaled gradual increase in interest rates ECB sees significant risks from debt restructuring http://forex.fxdd.com/110702/economic-statistics/ecbs-stark-on-the-wires-9