What we are witnessing is the beginning of the death throes of the European welfare states. More authority centralized in the Eurocrats would not change the outcome.
We, of course, face the same financial issues here, our greater “federalism” notwithstanding. Whether it is the EU or the US, financial and social catastrophe are virtually inevitable. It isn’t that there aren’t corrective measures that could be taken, but we and, especially, the people of the EU lack the character to take them.
Ultimately, the health of any society rests on the character of its people. Generations of social, political, and cultural accomodation to the false and corrupt worldview of the left has destroyed most of our cultural capital. The result is going to be civil unrest and social disintegration. The only question is how long we have before it sets in in earnest.