I agree with your characterisation of what is going on, and at some point, the EU states will have to decide for full fiscal integration or for removing the common currency. You can't have a common currency without a common fiscal union. So we either have to integrate more or desintegrate more, this inbetween we have now is not working very well. Speaking as a European, not sure what is better.

Not related to the comment, but in general I agree with you.

You can't have a single monetary system without complete unification, including tax systems, budgeting systems, governance models, retirement systems, benefits. I mean, you can, like we have now, but it's not sustainable, and eventually we all have it worse.

As a European, I would not want to go that way, since I'm afraid such a unified EU will be a bureaucratic monster that is even more centralized than the USA, and way more autocratic than any current EU state.

I'd rather take a step back, dissolve much of the EU's competences, and go back to pure trade union, dissolve the EURO as a currency, and let every member state take sovereign decisions on their own.