That's a very federalist viewpoint. Many Germans would undoubtably view it as a working political institution - that is, they don't want to have to bail out the

That's a very federalist viewpoint. Many Germans would undoubtably view it as a working political institution - that is, they don't want to have to bail out the Italians, they never agreed to that, and in fact insisted on budget clauses and agreements in various treaties (which they then themselves violated but in the 'right' direction, but even so). For your view to be correct everyone has to be totally on board with perma-bailouts of profligate states. They are not.