Hong Kong ( CNN ) -- The real crisis confronting the eurozone is regaining market confidence , not the euro , German Foreign Minister Guido Westerwelle said Friday . `` Some people wonder if we 're overcoming the euro crisis the right way , '' said Westerwelle , speaking at the Asia Society in Hong Kong . `` We do not have a euro crisis , we have a debt crisis which has morphed into a crisis of confidence . The euro is stable and is the number two reserve currency in the world . '' To bolster market confidence in the eurozone , Westerwelle -- who is part of the cabinet-level entourage traveling with German Chancellor Angela Merkel for her two-day summit in China -- said it was essential that Greece and other debt-laden economies in Europe maintain paths toward reform . Athens and Berlin in spat over funds . Greek cuts to be deeper than trailed . Last week , Greek Prime Minister Antonis Samaras met with German Chancellor Angela Merkel in Berlin to ask for more `` breathing space '' for Greece to implement austerity reforms . The troika -- consisting of the European Union , the European Central Bank and the International Monetary Fund -- is due to report on Greece 's progress next month . `` I do n't want to be part of this Greece bashing , because it 's a real challenge for them . I feel for the people on the streets of Greece , because the people were n't responsible for what their leaders missed in the past decade . `` We feel solidarity but we have to insist they fulfill what they promised , '' Westerwelle continued . `` We ca n't allow them to weaken the reform agenda . It would have a very negative effect in trying to restore confidence to Greece and the European Union . '' He also questioned how the Spanish government could be persuaded to stay on path if any agreement with Greece was weakened . Catalonia heightens Spanish debt fears . Westerwelle pointed to Germany 's own debt woes in the wake of West Germany 's reunification with East Germany during the 1990s . `` It was only 10 years ago that Germany was the sick man of Europe . Reforms may be painful , but they will pay off and that 's what we Germans have experienced first hand , '' he said . Even as he advocates strict adherence to austerity measures , Westerwelle has been a strong voice against politicians who suggest Greece should soon exit the eurozone . `` The bullying against individual euro countries to achieve political gains must stop , '' Westerwelle said after Alexander Dobrindt , the executive secretary of the Christian Social Union of Bavaria , suggested a Greek departure was imminent , the German daily Rheinische Post reported on Monday . Earlier this month , Westerwelle warned on the `` dangerous tone '' arguments on European Union were taking . `` We must take care not to talk Europe down , '' he said in a statement , released after Italian Prime Minister Mario Monti told a German paper that eurozone tensions `` bear the traits of a psychological dissolution of Europe . '' As developing economies like China and India create more regional centers of financial power , a strong EU is `` life insurance '' for Germany 's future , especially as the eurozone represents only about 9 % of the world population , Westerwelle continued . `` Europe and European unity is not only our destiny , but our desire , '' he said . `` There can be no good future for Germany without a good future for a united Europe , '' Westerwelle said . Read more : Merkel faces EU clash over China .
Europe : the euro is stable , but the ' real crisis is in market confidence ' German foreign policy in Hong Kong as part of Germany 's two - day summit in China . Westerwelle said it was essential that Germany and others to maintain efforts toward reform . ` ` There can be no good future for Germany without a good future for a united Europe ''