As I have pointed out somewhere else, an orderly exit from the euro of some troubled members and allow them to have their own currencies and set fixed exchange rates to the euro, so they can have effective depreciations instead of deflation and so much painful adjustments.
Fixed exchange rates with the euro are to prevent what the Asia financial crisis from happening in the euro zone.
European leaders should realise that to keep the vanity of existing euro is costly, and more creative thinking is required to minimise the costs of adjustments.
The sooner they let this happen the better off they and the world will.
Any delay just simply exacerbate the problems.