All this has raised enormously the political stakes involved in sustaining the eurozone and European economic advancement. How can the needed sustained political heavy-lifting be accomplished if members no longer share a vision of political union in the long term?
EMU leaders are running out of time in their efforts to save the euro. Only decisive action can work -- and there still would be no guarantee of success. In the United States, it took a Civil War to settle that monetary union once and for all.
I am currently reminded, in the these times of sustained concern about the Euro, that I used to say "It's an unstable equilibrium." It is like balancing a marble on top of an upside down bowl; once it starts to move it accelerates downward.