This paper presents the experiences of Greece from its participation in the EuroZone. In the first part of the paper we analyze the theory of the single currency area. In the next part of the paper we argue that the euro area is not yet an" optimum currency area", as it is characterized by a generally limited flexibility of prices and wages as well as low labour mobility and in particular has no system offinancial transfers from a federal budget. In the third part the competitiveness of the Greek economy and its dependence on the current policy in the euro area are discussed. We suggest that the only solution is to increase labour productivity and the structural competitiveness of the Greek economy. The level of labour productivity in Greece is one of the lowest in the European Union. What is required for the success of the economic and monetary union is both the creation of a system offiscal transfers for the transfer of resources to a member country whichsuffers - this alone - an asymmetric disorder and, on theotherhand, an effective national policy aiming at structural changes in order to increase structural competitiveness.