Fears of a "Fourth Reich" are not commensurate with a desire to save the EU from impending implosion. The only way to save said Union -- for a time at least -- is for a common assumption of the overly indebted members' obligations. The country with the resources to do this is Germany, meaning a common assumption of everyone's debt is a German assumption.
Germany will not agree to this without Brussels first receiving a veto over members' budgets -- nor should they. Berlin will dictate the terms by which Brussels will enforce austerity on Greece, Spain, Portugal etc. as a precondition to Berlin underwriting all their debt.
He who pays the piper calls the tune.
The state of affairs in Europe will thus be Germany both subsidizing other nations and determining what their budgets and finance policies are to look like.
A European Union hence will be a Europe dominated in every relevant facet by Germany. It is either that or disintegration.
Those countries who would be so subservient must decide if a total loss of self-determination and sovereignty is a price worth paying for a common currency that does not even benefit them.
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