Well, for a disunited continent Europe didn't do so bad over the centuries. If you didn't like a government or they would not listen, you just moved to the next state. Contrast that with China. Yes, you got wars, but so did China.
Anyway, both wars and global dominance are no longer on the agenda for Europe. The point is that this is another half baked compromise, because it will only work if the ECB becomes a proper central bank with the right for quantitative easing - but the German voter will not stand for that. It will fall apart in due course, or move to a full federal state: the French are queasy about the latter. In a country where opinion polls suggest that 70% want to leave the EU, then there is no way Cameron could sign up to that. Britain has deluded itself for years about being at the "heart of Europe" , it was never going to happen.
That's a bit melodramatic admittedly, and harks back to when Germany wielded rather stronger weapons than credit...
Pessimism is the soft option.