The euro area has to address its imbalances and instability. We look at the years following the crisis of 2008. Did labour mobility increase or decrease imbalances in the euro area? In times of low growth, the data suggest that labour mobility is rather a cure than a curse. However, its potential for the citizens of the currency area is not fully exploited yet. For labour mobility to play a role in the stabilization of the euro area against future asymmetric shocks much more policy action is needed.