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Bond yields in periphery countries might shoot up on the renewed fears of a breakup.
Admittedly the periphery countries need to make structural reforms, just as Germany did after reunification.
Germany would actually benefit from the so-called periphery countries' recovery.
"Spain continues to be perceived by investors as part of the safer periphery countries group".
In the euro zone, the ongoing problems of the periphery countries could still plunge the financial sector into crisis.
For almost two years now, they have been prevaricating about doing what is patently necessary: restructuring the debts of stricken periphery countries like Greece and Ireland.
If Greece and Portugal and other periphery countries dropped out, the euro would spike up, making Volkswagens and BMWs a lot more expensive.
The obvious alternative to rescuing the bad banks in the periphery countries was to let them go bust, but that was a risky option.
The periphery countries are criticized for their lack of fiscal discipline and work ethic, but there is more to it than that.
German consumer spending and imports should rise, the bank said, which "would be positive for the rest of the euro area, including the troubled periphery countries".
The first big government-bond auctions of the year from "periphery" countries in the euro zone were watched closely by the markets.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com