“Our historic allies in Europe no longer exist as sovereign nations, only as parts of the bureaucratic entity in Brussels.”
I think you are smart enough to realize that that is overstated. They are still sovereign nations even though they have ceded some decision-making to the EU. It eventually will fail because at some point nations always act in their best interest.
That's what I thought until several British MEPs revealed that the European "Parliament" has no authority whatsoever to draft or even amend the "legislation" upon which it votes. Instead, it exists only to rubber stamp the legislation which is drafted and presented by the appointed (i.e. unelected) EU leadership and bureaucracy. Though the actual numbers are disputed between pro-independence and pro-EU advocates, a significant portion of new laws in EU member countries are binding directives from Brussels.
Will the EU fail? I used to believe it would, either from currency failure or several key nations ultimately regaining their senses. But now I think it is a race between collapse and an irreversible consolidation of power in Brussels. Given Europe's proclivity to follow strongmen, I believe the latter is most likely.