The futur of the European project

In this instance, with the European crisis spiraling out-of-control and Spain's economic predicament worsening, the EU states need to respond and act as Germany's Merkel would like to see it act. What that means is that the EU states need to forgot some sovereignty rights so that quicker decisions can be able about economic policy and political responses to the crisis. 

But in making those decisions and forgotting some sovereignty rights,  such cohesiveness must come with foresight and prudence. That's to say, that the EU states' decisions now will have repercussions eventually and once new laws are established, that bind the EU states more cloesly together, it will be harder to unwind (backtrack/reverse) those laws.

The other aspect to consider too is who will govern and reinforce these laws? Of course you have the EU parliament but every EU state has its own culture and set of political values. Who will be the one to say that Germany's way of handling business is better (perceived better) than that of France? of Spain? etc.

 At the end of the day, the EU states will not solidify as necessary. The best that they could possibly do is perhaps give more reign (control) to the ECB (European Central Bank) to make better, more effective decisions to handle the economic crisis.