Looks like the dream of achieving Euro Federalism will be put back for now. The Greek economy has more or less collapsed (although the resilient Greeks are fighting back) and Ireland is now following with Portugal, Spain and Italy ready to join the 'we got it all wrong club'.
So this could be the end of the current version of monetary union. I doubt as to whether the Franco German alliance will allow this situation to continue for much longer. I said it before and I will say it again you can not have a common currency if you do not have a central bank controlling local (national) economies so the member states in the Euro will either have to give up financial sovereighty or let the Euro go down the toilet... But Europhobes beware, the Euro project has not come to an end this is just a minor set back. We can't afford to go back to pre war days, Europe needs to unite and deal with the changing world.