While EU stock returns may be down, the richer of the EU nations such as Germany and France are loving the effects of the crises on their exports. A weak Euro benefits the French and German Citizens much more than a strong domestic stock return does. Furthermore a strong USD is being celebrated everywhere but especially by France and China because it helps them compete with cheap China exports due to Yaun/USD peg. So, while ECB official may talk tough, the ideal situation for them is that the crises drags but never escalates to actual default, thereby on providing protracted political cover for further QE schemes and helping their exports. It's a race to devalue currencies all over the world and and right now the EU is winning.