The Euro crisis, which has had deep economic, social and political implications for the European Union (EU), has revived the debates on the future model of European integration. In this respect, the establishment of a European political union has been advocated as a way of restoring shattered confidence in the EU. Whereas these debates recall neofunctionalist/supranationalist approaches to European political integration, the enduring crucial role of national preferences in the integration process keep intergovernmentalist arguments on the agenda as well. Furthermore, the increasing divergences within the EU endanger the unity and cohesion required by a political union, bringing forward arguments in favour of differentiated integration as an alternative model for post-crisis Europe. This paper aims to analyse the implications of the crisis for the EU on theoretical grounds, elaborating on the debates over a future model of integration for post-crisis Europe. It is mainly argued that these debates reveal the persisting complexity of reconciliation on the possibilities and means of building a European political union and stimulate conventional controversies rather than clarifying the finality politique of the EU. Key Words European Union, Euro crisis, political union, differentiated integration, neofunctionalism, supranationalism, intergovernmentalism.