The paper questions if European Monetary Union (EMU) is sustainable economically and politically. It argues that the economic benefits of EMU may not outweigh the sacrifices made by Member States. The study suggests that EMU restricts policy choices and could lead to disarray without further European institutions. It proposes that closer political union is necessary for EMU to truly benefit Europe. The biggest support for EMU comes from the will of Europe's people and a shared 'European spirit'. However, an inadequate EMU design could threaten the long-term sustainability of the broader European project.