It's hard to be bullish with a growing chorus of voices chanting the end of the euro zone is nigh. But one influential investor thinks Europe will emerge from its debt crisis intact and stronger than ever.

Mark Mobius, Executive Chairman of Templeton Emerging Markets Group, told CNBC Asia that European countries are engaged in a prolonged and necessary game of chicken.

"This will go on, back and forth for a long time. They have to agree on fiscal responsibility and adhere to certain principles they have not had to do before. It's a big change but I think they will make these reforms and Europe will emerge much stronger than ever before," he said.

Mobius, who oversees $50 billion in assets, is predicting Europe will have the framework for a fiscal union in place within one to two years.

David Fuller's view We know that Mark Mobius is a serial optimist, but he has also seen more crises than most of us and the world eventually moves on.

He may be too optimistic on Europe but I also think the 'collapse of the euro and depression' advocates are even further off the mark. Europe is obviously in a mess, of its own creation, but its leaders also have the knowledge and perhaps more importantly, the political will to pull through. It will help when the European Stability Mechanism is in place and this is scheduled for introduction next month.