Okay so you don't want stimulus. Whatever, I think it's stupid and the reasons are shallow but that's okay! There are still different options here!
1) Fix the monetary policy. Hitting a 4 percent inflation rate for a couple years would be within the supposed mandate of long term price stability after years of coming short and would go a long way towards fixing the trade imbalances
2) Be complete utter bastards, forcing the other countries to grinding deflation for an indeterminate period of time
We can get tied down in arguing over the details of 1, there's a lot of plausible sounding reasons that don't actually have a lot behind them. But the alternative is 2! What could possibly be worse then 2?
Reform will not help Greece. Spain has none of those problems and it's not helping them. It's just an attempt to shift blame.
No, I'm not against stimulus. The problem is just, if you just give a country money and hope they'll do the right thing with it (which is what we are basically doing right now), you have no way of control over if the stimulus actually works or if the money just goes elsewhere.
Fixing the monetary policy is rather difficult, and it's not really Germany's call either. The ECB is right now trying to fend off deflation, they are even thinking about buying bonds, something German bankers had warned against in the past.
On the other hand, 4% inflation seems way too high, 2% seems more reasonable (and more likely since we are at 0,5% currently).
Spain is on the way of recovering, while Greece is not, because of a lack of reform.