It appears to me anyway.
What has been done in the last few days ago by those 17 countries ceding fiscal sovereignty to a central authority; some kind of elite group of euro nations that would guarantee one another's loans — but require strong fiscal discipline from anyone wanting membership.
In my opinion Germany has decided to never go back to the Mark, and France will join them in this new fiscal house. The other of those 17 states will need to vote to join that central authority because in my opinion taxes and fees will be needed to run that central authority with a strong fiscal discipline, which means politics, fees and taxes.
That will probably take 20 some years or so in my opinion. That type of authority is basically a Federal authority not a Confederation of states authority. Therefore one may need to hold on to their hat for awhile as the ride will be a bumpy one Legally, Fiscally and Politically. It will be a new country over there in Europe.