The Euclidean path-integral formalism is studied for the system withou
t any unstable state. While the usual bounce calculation yields a fake
complex energy spectrum, proper account of the global structure of th
e functional space is shown to lead to the real eigenvalues. For this
purpose, the valley instanton is constructed by the proper valley meth
od and the dilute-gas approximation is carried out. This establishes a
general imaginary-time formalism, unifying the instanton and the boun
ce method.