Well you can't have it both ways, which is what most southern European politicians want. The solution to the vexatious problem seems on the surface to be a binary choice. You either go with full and accountable political and fiscal union, which has been the "hidden" agenda all along, or you admit that the whole idea of a common currency was stillborn from the off and go back to drachmas, pesetas, DMarks et al. Anyone who has ventured within spitting distance of a text book on social anthropology will understand that cultures are a long time in gestation and calling oneself European is very different from actually being European, especially in times of stress (there won't be many "Europeans" watching the Euro 2012 football), so the first option is an almost impossible ask.