With a whimper:
http://blogs.reuters.com/...
To strain at a logical explanation for this, it is marginally possible that the European leadership is just playing for time: keep the whole thing from collapsing long enough for circumstances to change. But it is very hard to see what those changes might be: Draghi clearly understands what's needed, but just as clearly cannot bring Germany on board; anything other than a full backstop to peripheral borrowing does nothing but defer the problem; pro-cyclical austerity measures ensure serious economic downturn. And eventually elections will happen.