The federalization of Europe is absolutely a good thing, it just has not been implemented in a good fashion. In reality the EU needs to become more integrated like the US, which has only benefited the United States, and it needs to take greater control, perhaps nationalization, of its financial institutions, which the US must do as well.
Federalization will not be beneficial to the European economy. The European economy would be better off with a more individualized plan that allows each country and its entities to control their own economic systems. "Big government" as a whole is rarely beneficial, particularly within the economic realm, whereas more freedom to the people is often beneficial in that they will be more likely to use their money, thus spurring on the economic system.