The euro does not provide its members with any option to leave. This protects the common currency against speculative attacks on the one hand. The euro crisis demonstrated on the other hand how difficult it is for Eurozone countries to constructively solve economic and fiscal policy conflicts among themselves.
This briefing, written by Jörg Haas, affiliate research fellow at the Jacques Delors Institute – Berlin, looks at why the euro was designed as a one-way-street, examines the potential consequences if an exit option was introduced and provides alternative scenarios to a full-blown exit.
In the publication series “Europa briefing”, the Bertelsmann Stiftung and the Jacques Delors Institut – Berlin cover key topics of European politics and present possible scenarios: What is the problem? What might happen next? And what can politics do now? You will find all the publications from the joint project here:? www.strengthentheeuro.eu