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The main purpose of this paper is the comparative analysis of the Mediterranean Countries of European Union on economic and developmental level throughout the duration of their existence within the Union as well as during the recent year duration of the great economic crisis. In the first part of the paper is a reference to the reasons for setting up this Union, the reasons for inclusion of each country as well as the rules and conditions set by the respective institutions of the European Union. In the next part, there is a historical overview of the European Union studying the Treaties (in chronological order), the enlargement of the Union, the adoption of the common currency and the great crisis of 2008 and its effects. In the third part of the paper, it is developed a comparative case study of the six (6) Mediterranean countries (Cyprus, Greece, Italy, France, Spain, and Portugal) on various economic and development indicators. Finally, the fourth part draws conclusions about whether the expectations created by the establishment of the EU achieved over time.