Legal Options of a Withdrawal from the Euro and the Reassignment of Monetary Sovereignty

Abstract:

A withdrawal from the eurozone requires thorough planning and preparation. Contrary to the presumption that only the creation of a monetary union would need coordination, a consensual agreement between the Member States is absolutely necessary to prevent problems for the new currency and conflicts with the remaining union. As a result of the premise of irreversibility, according to which a downgrading of euro membership is not possible, the EU Treaty explicitly does not provide for an exit from the eurozone. This article examines the legal options of a withdrawal from the third stage and necessary steps towards an exiting state having its own currency. Closing remarks consider the valid currency in old contracts.