During the first half of 2010，the Euro zone was struck heavily by the European sovereign debt crisis triggered by the Greek debt crisis. The crisis was expressed as a surface phenomenon in the unsustainability of the public finance in some EU members，which exposed the deep-seated weaknesses of the European economic governance and the lack of financial supervision. The crisis has been alleviated temporarily along with the 750bn Euro stability package jointly introduced by the EU and IMF. At the same time，the EU member states started their budgetary austerity plans，such as cutting deficits and adjusting the public financial structures. In addition，the EU has been taking unprecedented efforts to strengthen institutional building，including particularly enhancing financial supervision and deepening economic governance. If that could be the case，the crisis will turn out to be a motive power instead of pressures for further European integration.