Ah yes, history has shown that this is a good idea. I'm sure it'll end well this time. 
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I so hope this backfires. First of all, I don't think they can pull it off anyway, the corruption and incompetence is off the charts with these people and that's not due to lack of vision (which they also don't have) or whatever, that's systemic. All that money will go into private pockets and fuck-all will be delivered, and thank Allah for that.
Also, this will antagonize other EU countries (well, some of them, I assume the Baltics will hail their German overlords), making it so much easier for nationalist EU-skeptic politicians to gain support.
Yeah, if they do somehow pull it off (which is a big IF), then the rivalry that Europe used to be known for might make a return. The whole idea behind the formation of the EU, which the US helped push for, was to squash this rivalry, unite the European bourgeoisie, and making them both subservient and militarily dependent on the US. I can't imagine that Germany trying to reclaim its position as the European military superpower is going to sit well with countries like France who would prefer that position instead.
First as tragedy, and multiple times over as farce.
Of course the big difference between the historical France/Germany rivaly and a possible future one is France having an independent nuclear weapons capability. Even the UK relies on the US for maintaining - and if rumours are true, being allowed to use - their nuclear weapons. If the EU were to collapse I could see a lot of smaller powers ally with France, under terms very favourable to France, if it meant an ironclad nuclear-response security alliance with France.