In the wake of the crisis, Europe’s Monetary Union was initially perceived as a protective bulwark, in particular for the smaller EMU member countries. But, subsequent to the Greek crisis, which broke in early 2010, EMU became ever more tantamount to a major impediment to getting back on track. This was not only a perception dominating in the meanwhile so-called periphery. The policy mix was deemed flawed and the institutional architecture was found wanting. In our panel debate we will focus on the new governance set-up as it evolved in the wake of the crisis. We will in particular address the question whether the right lessons have been learned.