Based on the monetary policy transmission channel under the financial crisis, this paper constructs a mixed cross-section global vector autoregressive model by using the quarterly data of 13 member countries of the Eurozone from 2007 to 2017, and examines the regional asymmetric effects of the monetary policy implemented by the European Central Bank on the economic recovery of member states of the euro zone. The results show that: the response trend characteristics of macroeconomic indicators of member countries to monetary policy shocks are similar, but there is obvious heterogeneity in the degree of impact and response period; from the perspective of cumulative response stability value, for financial countries with developed markets such as Germany and Finland have low stability values. They can digest the impact of monetary policy shocks. For relatively backward Greece, Ireland, etc., the result is the opposite; the sensitivity of member states to long-term interest rate shocks is greater than the impact on money supply; under the influence of the European Stability Mechanism (ESM), the asymmetric effect of monetary policy regions has decreased. This study helps to understand the heterogeneity of ECB’s unconventional monetary policy transmission among member states and the positive role of fiscal unions in weakening the asymmetric effects of monetary policy.