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The main objective of this article is to highlight the main flaws in the Economic and Monetary Union and their responsibility vis-à-vis the recent euro crisis. First, we show that the combined absence of fiscal federalism, of a fully functioning banking resolution mechanism, and of the coordination of macroeconomic policies have induced an asymmetric reaction to the symmetric shock of the subprime crisis. Subsequently, we explain how these construction defects have led to a financial fragmentation of the euro area. Finally, we indicate how the divergences of political positions of the euro area member states suggest that limited progress will be made in resolving these weaknesses, raising our concerns regarding the future economic performance of the monetary union.JEL classification: E52, E58, E61, G01, F33