3 opções

1. They can agree to fiscal fusion and an EMU debt union, entailing treaty changes and a constitutional revolution. This implies the emasculation of Europe's historic nation states.
2. They can tear up the mandate of European Central Bank and order Frankfurt to go nuclear with €2 trillion of `unsterilized' bond purchases until the M3 money supply in Italy, Spain, Portugal, Ireland, and Greece stops contracting at depression rates and starts to grow again at recovery speed (5pc). This might destabilize Germany.
3. Or they can try to muddle through with their usual mix of half-measures and bluster. This will lead to a rapid disintegration of monetary union and a banking collapse. It risks a repeat of 1931 if executed badly, as it most likely would be.

Telegraph

Na minha opinião, a Alemanha vai apostar na primeira hipótese, desde que fique com a governação económica da Europa. Entretanto o BCE pode ficar em roda livre até se adaptarem os tratados.

A terceira hipótese está condicionada pelos EUA que não a devem permitir.

A Alemanha pode querer mandar na Europa, mas os EUA ainda mandam na Alemanha.