ECB's Weber - Euro zone periphery faces adjustment

LONDON (Reuters) - Debt-stricken euro zone countries need to undergo a painful adjustment process but the future of the single currency bloc is not at risk, European Central Bank policy maker Axel Weber said on Wednesday.

The sovereign debt crisis in some euro zone countries is the major challenge for economic and monetary union in Europe, said Weber, who's term as president of Germany's Bundesbank ends at the end of April.

"However, I am deliberately not talking of a euro crisis, since the continuity of the single currency is not at risk," he said in the text of a speech to be delivered in London.

The euro zone's sovereign debt crisis had shaken the foundations of the economic and monetary union, Weber said.

"It is therefore vital that European leaders take the right decisions during the next few weeks when it comes to overhauling the governance of the European monetary union," he said, urging countries to consolidate their budgets.

(Writing by Paul Carrel; Editing by Leslie Adler)