This paper presents the background and development of the global crisis of 2007–2008 and subsequent developments that are current today. It distinguishes four phases of the crisis: sub-prime mortgage crisis, soaring dollar and the Lehman Brothers fiasco, US and global recession, and, finally, European debt crisis. In the above context, the benefits and costs of joining the Eurozone are presented with special emphasis on the Polish perspective. The nee for fiscal reforms and concerns regarding Eurozone institutions are addressed. The paper has been prepared based on the keynote speech by Robert Mundell during the 17th Global Finance Conference held in Poznan, Poland in June 2010. The speech presented was made possible in partb by support from the Polish Financial Supervision Authorit  An early version of the paper has been previously published in the Poznan University of Economics Review.