1) Provided the parties can harmonize their egoistic interests.
2) They could do something, or a great deal of nothing.

To paraphrase Lincoln I don't expect the Euro to fail and I don't expect the European Union to fall but I do expect it to-stop being under German and French control and expect the other states in Europe to rise to the occasion. What is happening in Europe right now is the same thing as if Pennsylvania and New York were able to tell California how to solve all it's problems. After a while you start to resent the back seat driver. What will happen is that this world will emerge form this economic crisis much different to the one that entered into it with all the world's economies at a much more equal level. Russia will be more like a Czarist Democracy, Europe will be more united the British Commonwealth will be more Political than economic,and it may not survive, and the Americas will be more united economically and politically area wise while China, Japan and Korea will begin to unite economically and politically and South Asia will begin to unite. In other words I think that we are going to be living in interesting times.

In my home state of Hawaii, we seem to be recovering from the Great Recession quite well. The economy bottomed out in early 2009, and pretty much all major indicators for 2010 and 2011 - tourism, construction, real estate, agriculture, etc. - suggest that things have been steadily improving since then. I've actually compiled all the statistics I could find on Hawaii's economy into an infographic, if any of you want to see it: Hawaii's Economic Recovery Infographic. Whether the positive results we're seeing in Hawaii will be replicated around the rest of the country, much less around the rest of the world, I can not say as I do not have the appropriate data.