The threat against the survival of the euro has been overcome, European Commission President Jose Manuel Barroso said on Monday.
"I think we can say that the existential threat against the euro has essentially been overcome," he told a conference in his native Portugal on Monday. "In 2013 the question won't be if the euro will, or will not implode."
His view was rejected by market watchers who said the eurozone debt crisis was far from over.
Neil Mellor, a currency expert at Bank of New York Mellon, said: "2013 will be a tougher year than 2012 for Germany and by extension, the euro area as a whole."
Especially since Mario Draghi, the European Central Bank President, pledged to do whatever it took to save the euro. The bank's plan for unlimited interventions in sovereign debt markets, announced in September, help ease investors' fears.
However, HSBC said: "The short and the medium term challenges are still great. The promise of ECB action has not lessened the need for austerity and structural reform, nor improved the lot of the increasing number of unemployed.".
The bank expects more strikes and demonstrations in countries such as Greece and Spain as joblessness rises and says stability in markets has not made companies "sufficiently confident ... to resume investing".
David Buik, an analyst at City spread-betting firm Cantor Index, said: ‘With the level of austerity that must be implemented, there can be no growth in Mediterranean countries or, for that matter, France for years to come."
The European Commission said last year that that the 17 countries sharing the euro would grow just 0.1pc in 2013.
Another risk for the eurozone is German elections this year, although many commentators predict German Chancellor Angela Merkel will retain power.
Ms Merkel is to meet with Greek Prime Minister Antonis Samaras later today in Berlin.