The European Union (EU) stands at a critical junction in its institutional evolution. The European sovereign debt crisis in 2009, the Brexit decision in 2016, and the success of anti-European populist parties in many member states have triggered intense discussions about necessary reforms in the Union, which only intensified after Emmanuel Macron became president of France in 2017. His vehemently pro-European outlook and ambitious suggestions for the governance of the Euro area raised hopes for a reform that would tackle many of the structural flaws of the common currency – probably the most fundamental area of concern in Europe. The continent, however, remains deeply divided over the question of how to govern the Eurozone. This paper tracks the political dynamics of the failed Eurozone reform and argues that the main stumbling stones are the unfinished work of the European integration process.