The global financial crisis and euro area sovereign debt crisis had a big impact on the EU, especially Greece. After the crisis, the Economic and Monetary Union (EMU) faced challenges like low growth, imbalances in some countries, and weak financial supervision. To improve the EMU, ideas like a banking union, fiscal union, and more political integration are being considered. The goal is to prevent financial instability, break the cycle between banks and governments, and enforce rules more strictly. The 5 presidents' report suggests closer coordination of economic policies within the EMU to strengthen economic union and prevent future crises.