Can a country abolish the €?

 

 

It is again an issue: Can a country that has adopted the euro even abolish the common currency on its own again? Euro- Critics such as the successful elections in Finland in the party of the True Finns want this, and on Friday rumors began about the round, even Greece could consider such a step.

 

In both cases - Finland is an exemplary, Greece, a heavily indebted country € - would be regained "independence" of the monetary policy of the euro zone, the main motive for a discharge.

The legal situation is complex. One of unauthorized withdrawal from the monetary union would be possible only when a country emerges from the EU at the same time, Phoebus Athanassiou, lawyer wrote to the European Central Bank (ECB), in a 2009 journal article. That would be possible after the Treaty of Lisbon, in paragraph 50 that ". Each Member State may decide, in accordance with its constitutional provisions, withdraw from the Union"

 

"Law of new currency"

Another variant studied the British business magazine The Economist. Thus a country could simply pass a law stating that the salaries of its civil servants, social benefits and interest on public debt will be paid in future in a new currency. The private sector should be forced to follow. It would automatically import a new exchange rate of currency: the case of Greece would be the new Drachma worth less than the official exchange rate against the euro.

The biggest problem would be the "Economist", according to the time of the changeover to the new currency, which has a lot of logistical and fiscal pitfalls. The capital should be restricted and possibly even the freedom to travel, to prevent chaos in the markets and in the population. A country must be absolutely desperate to risk such a step, the authors believe. But even that is not totally excluded. (APA)

 

 

 

 

 

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