EN
The crisis that is taking place in the euro area, is the research object for representatives of the various economic schools. Austrian economists have also analyzed the causes of this crisis using in their analysis such as, among others, the theory of optimum currency areas and their own theory of the business cycle. This article is the attempt to illustrate internal sources of economic crisis of the European Monetary Union from the perspective of Austrian economists who show the euro zone as a non-optimal currency area. It also highlights factors determining trade fl uctuations which have led to economic crisis.