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The paper deals with the idea that the global economic crisis' challenges for the EU economy are too powerful and the enlargement process has to be very carefully managed. Even that there are five candidate countries and an acceding country, the socio-economic situation across the EU27 and, especially, across the Euro area are not able to support new entrances as Member States. The analysis in the paper is based on the latest official data and is supported by pertinent statistical tables and diagrams. The main conclusion of this analysis is a pessimistic one. We consider that the main objective of the EU27 is to survive and to support a real economic recovery, nowadays. The enlargement has to continue only after the above objectives' achievement. [ABSTRACT FROM AUTHOR]

On the aftermath of the global credit crunch was made clear that the Euro countries debt crisis shows that the EMU is far from being an Optimal Currency Area (OCA) under its current form. The countries accepted bailouts from their counterparts and international organizations in order to prevent the Eurozone collapse spreading the crisis further. Can the breakup to multiple areas help as Tootel (1990) suggested? Three possible sets of OCA scenarios are analyzed along with the demolition scenario. The breakup of the Eurozone to two currencies consisting possible OCAs along with a second one adding all the EU members and a third one applying in small regions. The scenarios are analyzed by using eleven equally weighted optimum area criteria to make Eurozone a single or a set of sustainable OCAs. These type and extension scenarios are presented for the first time for EU countries finding possible sets of independent country groups. The results show that the asymmetries lead to the crisis persist in a possible two or more "euros" area and this scenario cost is higher than union dissolution's. Europe cannot become in its current form a set of OCAs under any circumstances. [ABSTRACT FROM AUTHOR]