| Summary: | Аccording to the optimum currency area (OCA) theory, as the basis of the European monetary integration, the fulfilling of convergence criteria for Member States is a main precondition for successful functioning of the monetary union. The differences, especially in the budget deficit and public debt are obvious signs of the different levels of growth, convergence and unequal respect of fiscal discipline within EMU. As the current crisis deepens, the imbalance triggers the question of EMU`s sustainability. The subject of this paper is to analyze the level of convergence in the EMU and the relation between economic positions of the states with the debt crisis in Europe. The main goal of this paper is to show the roots of instability in the eurozone and what impact it can have on the monetary integration of Europe. The results show that in the time of crisis and market uncertainty, problems of convergence and uneven economic growth of member states, become generators of eurozone instability, deepening the existing differences within the monetary union and the dilemmas of its existence.
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