Withdrawal from the Eurozone

Proctor, Charles; Kleiner, Dr Caroline; Mohs, Dr Florian

doi:10.1093/law/9780199609178.003.0038

Chapter

32 Withdrawal from the Eurozone

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https://doi.org/10.1093/law/9780199609178.003.0038

Pages

835–860

Published:

October 2012

Extract

Introduction

At the time of its inception, there can be no doubt that the introduction of the euro had to be seen as a highly successful exercise. The single currency came into being on 1 January 1999, precisely in accordance with the terms of the EC Treaty as then in force. Upon their introduction at the beginning of 2002, physical notes and coins were distributed across the eurozone very rapidly and smoothly indeed, and national notes and coins were withdrawn from circulation even more quickly than had originally been contemplated. Given both the enormous implications and the scale and complexity of the single currency project, it must be accepted that its implementation represented a very considerable achievement on the part of all of the institutions involved.

Nevertheless, it is well known that speculation about the possibility of a eurozone withdrawal was mooted on a number of occasions following the Greek financial crisis from the end of 2009, and the speculation gained momentum as the debt crisis spread across other eurozone countries, including Portugal, Italy, Ireland, and Spain. Some have argued that the single currency was in part responsible for the crisis; others may assert that the root cause was the fiscal profligacy of individual Member States.¹ Whatever the truth of this issue, there is no doubt that the single currency certainly suffered from the effects of the eurozone sovereign debt crisis. Some of the steps taken to mitigate the eurozone debt crisis have been discussed earlier.² Although the response of the eurozone Member States was widely criticized as hesitant and too slow, the steps which were taken³ and the funds which were committed demonstrated a significant political will to preserve the euro. As matters stand at the time of writing, a withdrawal from the eurozone still appears to be a remote, although by no means fanciful, prospect.⁴

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Contents

32 Withdrawal from the Eurozone

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Introduction

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32 Withdrawal from the Eurozone

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Introduction

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