Does the current institutional framework of the Euro-zone favour the maintenance of macroeconomic stability in that area? The Euro-zone is an economic and monetary union that currently has 17 members. These 17 members have established the Euro as their official currency, which has as main consequence that the monetary policies are under the command of the European Central Bank. The main advantage of this is that they have a fixed exchange rate, so they don´t have to face the international volatility of the currency market. However as their monetary policies depend on the European Central Bank, loosing effectiveness in their own fiscal and monetary policies, making it harder to face economic crises, especially when you have a weak economic framework, which was the case of Spain. If all the economies where homogeneous then it would be easier to apply the policies, but as each member is very different we have a problem due to the macroeconomic disparity among the members. If the recession occurs at the same time, it is easier to develop the monetary policies, and even if in some countries there is recession and in others not, the asymmetry can be accommodated through the members, however due to the huge disparities among countries it is not that easy. The recent crises have increased the awareness of the huge disparities that we can find in the members. These differences, which relays on the diversity of the members, have risen the question of the viability of the Eurozone. Although the monetary unification is a very ambitious plan it has many difficulties, given not only the number of members, but also the structural imbalances and gaps between these countries. The European economic and monetary unification is based on an institutional framework that is based not only in the in the treaty of the Single European Act which sets the legal framework