Exit, Exclusion, and Parallel Currencies in the Euro Area
Helmut Siekmann examines the questions whether it is legally possible for a member state to leave the euro area or introduce a parallel currency.
In his Working Paper, IMFS Professor Helmut Siekmann 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)