The euro crisis of 2010-2012 prompted a series of systemic policy reforms that amended, and in some way transformed the architecture of the Economic and Monetary Union (EMU). The future of the euro remains however clouded by the poor economic and social performance of the participating countries, persistent debt overhang and remaining imbalances between surplus and deficit countries. Financial fragilities have been partially addressed but not entirely eliminated. Macroeconomic stabilisation remains in short supply. And the governance system remains complex and moderately effective, whereas its democratic character is being challenged. Furthermore, Europe in the years to come is bound to be deeply affected by the refugees’ crisis and its highly asymmetric impact on participating countries.