Europe has come to understand that what is at stake right now is not just the economies of a few member nations, but the future of European Union itself. The cornerstone of that union is the Euro, the single currency that has made close cooperation even tighter. But in order to save that currency, there is little that can be done short of the member nations drawing much closer together. That, and risk killing off the Euro in order to save it.
The growing realization is that they will have to print a lot more Euros to get out of this.