They have essentially three origins: unsound fiscal policies in a number of member states; inappropriate macroeconomic and supervisory policies in a number of member states; and overall an inadequate system of surveillance. This is the triangle that lies behind the current situation. And let me make this very clear: the triangle does not include monetary policy.
***  The “monetary” side: price stability in the euro area The “M” side of the EMU is relatively straightforward to assess. The Treaty assigns the ECB the primary responsibility for maintaining price stability in the euro area over the medium term.