The European Economic and Monetary Union (EMU) has experienced an eventful history since the introduction of the Euro as currency twenty years ago. The past decade in particular was shaped by crisis. The interplay of external shocks and design flaws in the Eurozone showcased that a future-proof Euro calls for two lines of actions: firstly competitive European economies with sound public finances and the ability to address global challenges politically; secondly an institutional framework that allows for sufficient coordination of national economic and fiscal policies, enforces the liability principle, and provides emergency tools for economic crises. This paper seeks to provide arguments and generate momentum for EMU’s further development.