Yes, a new European treaty that will enforce effective fiscal union may save the euro - and save our economies for a while. Certainly the alternative is a frightening prospect. But the consequences of tightening the euro screw in the euro zone may also be terrifying and far-reaching, because - although a common European currency is a civilised and importat idea - a single currency was always a flawed concept:
http://www.neweconomics.org/blog/2011/12/07/the-lamps-are-going-out-all-over-europe-if-we-let-them