Exit, Exclusion, and Parallel Currencies in the Euro Area

Helmut Siekmann examines the question whether it is legally possible for a member state to leave the euro area or introduce a parallel currency. In this regard, he sums up the legal questions linked to the political agenda in Greece in the year 2015 with two elections and the negotiations about a third rescue package. Siekmann investigates the debate about exit, exclusion or parallel currencies in the euro area from a legal perspective coming to the conclusion that it is legally not possible for a member state whose currency is the euro to exit or withdraw from the euro area or introduce of a new currency parallel to the euro. (30.12.15)