This report analyzes the causes and consequences of the 2010 crisis in the euro zone. It has been prepared by IMEMO RAN experts for the Commission of the Euro-Atlantic Security Initiative (EASI). The EASI project, launched by the Carnegie Endowment for International Peace, is implemented by the group of prominent politicians and experts from Russia, the USA and Europe with the goal to elaborate proposals on the new Euro-Atlantic security structure. IMEMO is the key partner of the project in Russia. All participants in the project see the solution of problems not through the prism of Russian-Western relations, but in the context of common threats to security. Such an approach effectively promotes the Russian vision of all-European security. The President of the Russian Federation and the Ministry of Foreign Affairs recognized as expedient the EASI project and Russia’s active participation in it. The report gives an insight into the structural, systemic, institutional, fiscal and debt specifics of the euro zone crisis and the credibility gap on the part of financial institutions. It examines the effectiveness of the proposed anti-crisis measures and the political opportunity to carry them out in problem euro zone states, and identifies new impulses to intensify European integration as the crisis slows down the euro zone enlargement. The authors also estimate the consequences of this crisis for Russia, its economic ties with the EU, as well as post-Soviet integration dynamics.