The European Economic and Monetary Union was created to prevent economic crises, but it has shown weaknesses during the recent financial downturn. Without certain key elements like a common fiscal policy and lender of last resort, the union is incomplete. Proposed reforms include creating a Banking Union and mutualizing national government debt at the European level. These changes aim to stabilize the euro area and ensure economic cooperation among member countries. However, current measures have suspended automatic stabilizers in crisis countries, leading to decreased support for the union.