You seem to have a bone to pick with Germany and France (and I assume with all the original 6 EEC members) , but the fact of the matter is that they (some more than others coughItaly,Belgiumcough) at least managed to grow slow enough to make things not quite as unsustainable, unlike the more recent members who saw the advantages that the EEC member got out of the union but who weren't, let's be honest here, politically and economically mature enough to be in the same league as the others. It's not about 'oh but they did it as well!' - some could afford it, others couldn't, and shouldn't have. And it's their responsibility, and all this whining and blaming others now just shows their immaturity and unwillingness to take the sour with the sweet. (i.e., when my neighbor makes more money than I do and buys a BMW, and I buy one too and it's repo'd because I can't afford it, do I have a valid defense in saying 'oh but he bought one too?' Of course not).
(btw, I'm not sure how you can call 'fiscal discipline' 'righteous'. It gives off the impression that you have no rational understanding of the situation and just 'feel' that things should be in one way or another, completely disregarding objective reality.)
It's all posturing. We will be back to this in 10 or 15 years regardless of any "rule" imposed now by Germany, unless we switch to superpower-mode and let the ECB play on the same level with the Yankees and the Chinese. The current agreement takes powers from individual banks but then it doesn't give them to a new subject; a huge macroeconomic power is kept hostage to the lie that the EU is not a unified body when, for all intents and purposes, it will have to be if it wants to survive.
Otherwise we might as well go back to our little villages and watch them being crushed one after the other. Merkel might keep enjoying her cows a couple of years more than the others, full of her righteous fiscal discipline, and eventually she'll be bought off by the Chinese like everyone else.