The greatest problem that I see in Europe is that there are no leaders. I don't hear of any vision for the future of Europe. What's worse is that no national politician can take that role, as each country has a different language. From my experience in the Czech Rep., the European Parliament is a foreign entity, and few people know who to vote for in Euro elections.
I agree that there needs to be a more organized fiscal policy, but I just don't see how it can happen without a complete loss of sovereignty by the member states. Europe is facing a crisis of democracy right now and we need bold leaders to take rally the European spirit if the EU is to continue....but I just don't see it happening.