Europe will lead the world into Economic Totalitarianism because government is now desperate to retain the euro. If the euro collapses, so will Brussels. The government exists solely because of the euro.
The key is the fatal design of the euro. Failure to consolidate the debts of all individual member states has been the worst possible mistake perhaps ever made in this post-Great Depression era of New Economics, where government lawyers assume they can just write a law and it will be followed, as if they were some new modern dictator.
Because of the failure to consolidate the debts, the reserve of the banks had to be politically correct to conform with Brussels, holding a piece of all member state debts. That meant that the defaulting in part or in whole of individual sovereign debts of member states undermined the banking system. This would be as if in the U.S. bank reserves were made up of state debts. If one state failed, everyone would scramble to sell to the banks who had the most.