The title of the monograph “EMU – an Incomplete Project?” can be interpreted in two ways. The first interpretation suggests that monetary integration should be complemented with fiscal and banking union and with the advancement of the political union. Such approach dominates currently in the literature as well as in the opinions presented by the eurozone authorities and by the governments of the major Member States. Institutional development and accelerated process of competence transfer from national to supranational level is supposed to remedy the crisis and make the eurozone mechanisms operate more effectively. The position is shared by some authors (e.g. M. Janicka). There is another group of authors who propose a different diagnosis of the crisis of monetary integration in Europe (e.g. J. Bilski). According to them, “EMU an Incomplete Project?” means intensive actions are needed to create more economic freedom, support competitiveness and deepen the EU common market. EMU should be based on the development of market mechanisms rather than on strong institutional links. The authors are of the opinion that the development of the common market in the eurozone has not progressed since the mid-1990s. The EU market is still fragmented, full of legal, administrative and political barriers, which involves the risk of increasing external imbalances in the eurozone countries. The work aims at evaluating the advancement of monetary integration in selected areas of the EMU and proposes directions for further development in the forthcoming years.