This paper investigates the effect of EMU on Greece's exports to Eurozone countries in the context of a generalized gravity model using panel data between Greece and twenty-one developed countries from 1981-2005. The dynamic panel model is estimated using Hansen's two-step Generalized Method of Moments estimator. The results suggest that the EMU has led to a decrease in Greek exports to Eurozone countries. That decrease is statistically different than zero. The paper also finds empirical evidence that shows that the negative EMU effect on Greece's exports to Eurozone is most likely due to a loss in Greece's competitiveness in Eurozone markets.