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Legal Possibilities for Withdrawal from the Euro and the Reintroduction of Currency Sovereignty

In: European Union and Monetary Union in Permanent Crisis II

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  • Dirk Meyer

    (Helmut-Schmidt-Universität)

Abstract

The possibility of a withdrawal of individual countries or even a collapse of the eurozone cannot be ruled out in the context of a sovereign debt crisis of various euro members. The history of currency unions provides numerous examples for this. However, a withdrawal requires thorough planning and preparation. Contrary to the assumption that only the creation of a currency union requires coordination, a consensus between the member states is absolutely necessary in order to avoid problems for the new currency and conflicts with the rest of the Union. It would be advantageous to have provisions in the EU treaties by means of institutional regulations which provide for a withdrawal of a member or even the complete dissolution of the currency union in a procedural and legally secure manner.

Suggested Citation

  • Dirk Meyer, 2022. "Legal Possibilities for Withdrawal from the Euro and the Reintroduction of Currency Sovereignty," Springer Books, in: European Union and Monetary Union in Permanent Crisis II, chapter 0, pages 185-208, Springer.
    • Handle: RePEc:spr:sprchp:978-3-658-38646-7_9
    DOI: 10.1007/978-3-658-38646-7_9
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