Beyond the practical implications, there is also something profoundly patronising about Merkel's attitude. It's like parents who give their newly licensed teenager keys to a car that they have purchased, only to snatch them away when the youngster's driving is deemed irresponsible.
When the first Euros were printed in 1999, Europe chose a bold new future. But beneath the surface, the new European economy was built on shaky foundations. The decision is one of the biggest we have faced. The answer is clear: Europe must go for growth.
This crisis is an object lesson in globalisation. National politics - except those of Greece - are effectively suspended until the euro crisis is resolved one way or the other. Here's hoping it's resolved soon.