The global economic crisis that occurred in Europe in 2008, originating in the USA, has highlighted the vulnerability of the economies of individual countries and the European Union as a whole. The macroeconomic imbalances that have accumulated in some countries for years have threatened the survival of the Economic and Monetary Union, the euro as a common currency and the euro area. The depth and length of the crisis revealed the flaws made during the establishment of the EMU. The decisive and focused action of all the institutions of the European Union has designed measures, regulations and procedures for the detection, prevention and elimination of macroeconomic imbalances in order to achieve stability and growth. Within the macroeconomic imbalance procedure, a system of macroeconomic indicators and a model for monitoring the movement of these indicators were designed for the purpose of long-term overcoming of macroeconomic trends and the prevention of new difficulties. With the involvement all the states members of the European Union, a number of tests and analyses have been carried out to discover challenging areas and the causes of imbalance, which resulted in a number of recommendations and evaluations of their implementation being made.The results are visible and there has been a distinct progress. In some countries, imbalances are alleviated, some have been eliminated, and in some cases, more action and financial assistance have been required from the funds established for this purpose. These countries and their progress are being closely monitored. In spite of the progress made, more work and political will are needed to achieve better coordination of economic policies and a greater degree of integration in order to achieve strong growth in conditions of full employment and a stable exchange rate.