Global economic crisis that hit the European Union has acquired a new dimension to the debt crisis of several euro area countries, which threaten the very existence of Monetary Union, the single currency. The EU institutions have adopted a decision on the establishment of a temporary European Financial Stability Facility (EFSF) and later the permanent European Stability Mechanism(ESM), the aim of which is to prevent the bankruptcy of the individual euro area countries. At the same time they search for a way out of the crisis in further integration, adopted programs to strengthen the economic and monetary union by creating a fiscal union and the banking union. Deepening integration, however, requires the transmission of additional competencies to the authorities of the Union which is now decelerate at a growing euroscepticism, nationalism and extremism. Without the formation of fiscal and banking Union, it is not possible to maintain a common currency and take advantage of her opportunities to accelerate economic and social development of the euro-zone and the whole EU.