For more than 10 years, the Euro-a unique worldwide experiment with one currency, but many participating countries, has been impressively successful. The Euro has been based on rules enshrined in international treaties. It was created as a "depoliticised currency"-its stability entrusted to an independent central bank with a clear mandate to maintain price stability. During the first 10 years, the European Central Bank has implemented higher price stability than was achieved during the years of the German Mark. But currently, the Euro area is facing severe challenges. Some periphery countries seem to be on the verge of default, in the absence of support from the core. Voters and politicians in the core countries are reluctant to provide support, fearing a dangerous slippery route into a transfer union. The current crisis is a result of lack of adequate political governance structure. The paper argues that "Eurobonds", if properly designed with an incentive compatible governance structure, are the most promising way to cope with current challenges. Providing an attractive, liquid investment opportunity, they would help to restore growth opportunities both in Europe and worldwide.