I don't understand your point here, honestly. I think the big question is that the Eurozone and by extension the EU have a huge structural problem, which European leaders are not willing to address. Remake or reform, the question is they must do something. I'm very pessimistic on this ground; as long as Merkel continues being chancellor, the approach to a solution will be marked by her particular sense of morality. In any case, she's not the only to blame: there are not leaders in Europe.
I have more or less the same interpretation, but I am quite optimistic.
It looks a lot like Merkel will leave at mid-term and Europe will take a new direction at that time. The economy will remain sluggish but we have been in this situation for many years now, and to the surprise of many we're still there (even Greece
). This is not very exciting but the situation will remain the same for two or three years, and we'll go through it.
There will be new leaders, Renzi is an option but still has to prove himself, the socialist leader in Spain or Alexis Tsipras have a lot of potential if they are elected (I am quite confident that Pedro Sanchez will be the next Spanish prime minister, I am unsure about Tsipras).
Merkel is a great leader and I think she did what had to be done. But she knows that at some point new policies will be required and she's ready to step down (which is really a mark of greatness in my opinion). She's the last obstacle to many changes in the eurozone, so we just have to wait for her to go.
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