Bloomberg.com: Germany: "Inflation and growth differentials ``can lead to a meltdown in a couple of years, the collapse of the euro,'' the German magazine quoted Joachim Fels, chief fixed-income economist at Morgan Stanley, who took part in the meeting, as saying."
The possibility that China's faltering support of the U.S. dollar might trigger a crisis is a favorite of those fearing a coming storm. But, here's a new storm cloud on the horizon: a unified currency is not an entirely happy experience, evidently.
Just as an aside, it might be noted that Europe would probably benefit from a bit more Euro inflation. A slightly higher inflation rate might help lubricate the gears of the European economy.