The European Union has finally hit a brick wall.

Hollande Wins and Europe Descends Into No-Man's Land

by Paul Roderick Gregory 

Hollande’s election leaves the European Union with three stark choices, none of which are good: 
1) Germany and the European Central Bank cave and bail out any and all debtor countries under the cover of some fictitious future fiscal discipline, or 
2) The Eurozone countries muddle along from one band-aid fix to the next as the bond vigilantes breathe down their necks while they hope to catch a break, or 
3) Germany and the Nordic states withdraw from the Eurozone to their own currency. The rest of the Eurozone can stay on the devalued Euro or revert to their own currencies.


http://www.forbes.com/sites/paulroderickgregory/2012/05/06/hollande-wins-and-europe-descends-into-no-mans-land/