The first ten years of EMU passed by with no major debate on the solidarity implications of creating a common currency. Since 2010, however, the Eurozone debt crisis has forced member states to make some steps in the exercise of solidarity that were unimaginable just some years ago. This has prompted a sharp debate on what solidarity means in the context of the EMU and how much solidarity is needed to get out of the crisis. The aim of this Policy Paper is to shed light on these issues.