The liberalisation of markets in the last decades has brought the growth and spread of multinational corporations (MNCs). However, there is considerable evidence that MNCs do not regard all locations as being equivalent. The activities of these companies broadly differ from peripheral to core regions. This project intends to evaluate the impact of that dynamics into both states and local firms and how it might be in the origin of a divergent economic performance. Furthermore, it will demonstrate how this phenomenon is directly related to the present crisis in the European Monetary Union (EMU) ultimately originating a conflict between national and supranational interest. That fact will cause friction and dissatisfaction among members and will represent a future challenge for the area. The key message of this project is that, in a monetary union characterised by heterogeneous corporate realities, macro prudential tools are necessary to address imbalances at the regional level.