Crisis - what crisis?

So what exactly is the crisis over the channel?  We keep hearing that it's a "euro crisis" but as far as I can see the euro remains a stable currency and if it was in crisis the exchange rate would be going through the roof whereas it's stayed reasonably consistent against both the pound and the dollar.  So is there any significance in the fact that those countries in big debt difficulty all use the euro?  Is the problem really the EU itself rather than its currency?