Germany is calling the shots, and Hollande will be told no, and have to suck it up. I guess the issue is whether the German policy is the best policy or not. It does seem however that just incurring more debt on top of the existing debt will have the effect over time of just taking Germany down with the others, so if austerity is not enough, maybe it is time for some basic structural reforms, e.g., employment practices, and so forth. Or maybe the aging population makes all of this inevitable, as the relatively few working simply cannot support anymore the edifice of largess.
Germany's policy is precisely that which will cause a blow-up, just as it has caused the initial difficulty. As you rightly point out, all have followed Germany down the primrose neo-liberal path for decades now, which as we have seen from Reagan and Thatcherite Anglosphere, leads to nothing but doom for all but the tiniest of elites.
So as I have said for months no - Germany is the villain here, and it is the German people who are to blame. They can't just blame their leaders, or say 'I was just following orders'.
