Lorenzo Bini Smaghi explains "Why the Greek Crisis Will Not Ruin Europe's Monetary Union" in the current issue of Foreign Affairs. Bini Smaghi is a member of the Executive Board of the European Central Bank.
Here is an excerpt: "Forecasting the euro’s demise was premature. The EU and eurozone countries were able to respond to the financial crisis with appropriate corrective measures: many countries adopted strong fiscal adjustment packages; eurozone countries have announced, and in some cases already implemented, unprecedented structural reforms, not least of which was their joint decision to coordinate and publish the results of their bank stress tests; the new European Financial Stability Fund has been established and can be used to support other eurozone countries in distress, and a task force on reform will offer and approve concrete proposals to strengthen eurozone governance by the end of the year."
