In keeping with the political axiom that nothing happens for long without someone making it or letting it happen, what is to be made of Europe today? For years Brussels has frankly been out of touch with the population. Now the EU leaders will use this (quite manageable) crisis to centralize their power further. The question is whether the people of Europe will take their politicians even less seriously than they already do, letting them spin off into orbit. That would be a wise citizenry indeed. Italy is the best example where the antics of the political class are pure theater for the Italian citizenry.
(Increasing power through crises is part of an obsolete trend discussed in political theory which centers on the outrageous work of Carl Schmitt and the state of exception).