The Euro is like a gold standard. If you are doing good and somebody else does not its not the golds fault.

I think the ECB did some not so good things and I think inflation targeting is a idiotic policy but I dont really want to blame the ECB for any of this.

To blame are the institution of the country (and whoever is at fault for the housing bubble but I dont want to get into that).

Spain would have been hit hard by the bubble anyways but it was unreactiv government that let its spending get out of hand.