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More than ten years after the start/outbreak of the financial crisis that shocked the euro area, financial stability has improved substantially but the challenges remain numerous. Significant progress was made during the crisis to complete the institutional framework of the Economic and Monetary Union (EMU). That said, the fundamental question of the mutualisation of the macroeconomic and fiscal risks has not yet been addressed. Moreover, the European Central Bank’s possible scope of intervention is gradually reaching its limits. After discussing the reasons of the EMU as suboptimum currency area and reviewing the ECB actions during the crisis, we conclude that only a real debate on the mutualisation of the macroeconomic risk will allow the euro area to be definitively stabilised. JEL Classification codes: E02, E44, E58