Parallel Currencies as a Lisbon-Conform Crisis Solution

A euro-parallel currency can help overcome the blockade of law and politics and therefore act as an accelerator for the single currency. The concept of a euro-parallel currency is seen as the royal road out of the dilemma. On the one hand, the continuation of the currency union in the context of recurring crises, subsequent collective fiscal and monetary rescue operations and further europeanisation appears to be promising and can lead to hardly sustainable risks. On the other hand, an exit from the euro or its collapse would lead to domino effects for other crisis countries and to a loss of face for the entire European political class. The possibility of introducing national currencies parallel to the euro is proposed, whereby in the event of a state insolvency, exclusion from the currency union could take place while using the euro as a means of payment. A bank run, capital flight and other adjustment problems associated with the exit and replacement of the euro by a depreciating new currency can be avoided.