They know the only way out of their mess is another World War.
Utopian statists see government as the ultimate solution for every ill. They aren't going to just throw up their arms, admit their mistakes, and let people escape their grasp. That's not to say they won't ultimately fail, but I have no doubt they're going to try and create an all-powerful European nation state.
Isn’t this another ‘Kyoto Protocol’, and just as futile?
Every past attempt at self-austerity failed (except in Germany, but it’ll only last till the next election).
Then all of Europe will have but a single neck.