Bursting of speculative bubble in US housing market at the end of 2006 firstly caused subprime crisis in US at the end of 2007 and then led to global financial crisis as of 2008. Fiscal stimulus packages, nationalization of banks and private debt to alleviate the negative effects global financial crisis over economy together with decreases in tax revenues led to European sovereign debt crisis by increasing sovereign debt in some Eurozone countries which already have had a significant amount of outstanding debt and current account deficits because of their savings gap and non-competitive economic structures. The debt crisis firstly emerged in Greece in October 2009 and then spread to Ireland, Portugal, Spain, Italy in 2 years. The deficiencies and weaknesses in EU organization (especially EMU and surveillance structures), which caused problems in coordination of economic policies and external imbalances, contributed to emergence and rapid spread of sovereign debt crisis. This study examines the role of European Economic and Monetary Union on the sovereign debt crisis and costs and benefits of EMU in the integration process and forecasts the future of EMU in the light of Eurozone sovereign debt crisis.