Przyszłość strefy euro – ściślejsza integracja czy powrót do dwóch prędkości?

The subject of this work is an analysis of macroeconomic situation in the euro area on the basis of 10 indicators that are used as warning instruments at an early stage of imbalances accumulation and a decrease in competitive advantage. The chances of the euro area’s survival and enlargement were appraised from the perspective of monetary union theory and on the basis of conducted empirical analysis. There were also indicated the possibilities of resolving the crisis.