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Leaving the Euro: An Emergency Exit for the Currency Union?
The euro does not provide its members with any option to leave. Why was the euro designed as a oneway street? What would be the consequences of an exit option? And what alternatives are there to an exit?
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
SUR LE MÊME THÈME
ON THE SAME THEME
PUBLICATIONS
The war in Ukraine:
what are the consequences for European organisations?
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/boussole.png)
After Brexit, euro-denominated derivatives transactions should leave the City
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/blogpostbleu.png)
The Euro as seen by citizens who do not yet have it
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/blogpostbleu.png)
MÉDIAS
MEDIAS
L’Irlandais Paschal Donohoe reconduit à la présidence de l’Eurogroupe
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/articlebleu.png)
Il y a vingt ans, l’arrivée des premiers euros
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« L’hétérogénéité croissante de la zone euro menace sa cohésion »
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Pourquoi la sortie de l’euro n’est plus un slogan politique
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Andreas Eisl: «Les euros ont permis de comparer les pouvoirs d’achat»
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/articlebleu.png)
Two decades on, euro can’t shake reputation as price driver
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L’impression tenace de s’être fait berner sur les prix avec l’euro
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/articlebleu.png)
L’euro, une construction encore inachevée
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/articlebleu.png)
L’euro, une construction encore inachevée
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/articlebleu.png)
COVID19 crisis : “We need liquidity today and liquidity has to come from many sources”
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/articlebleu.png)
Europe : le « club des radins » marque des points
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Eurogroupe: “on peu trouver un accord si on met les drapeau de guerre de côté”
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“L’Italia questa volta si gioca l’osso del collo”
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“É preciso preparar desde já o pós-crise”
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The Brussels Briefing of the Financial Times has taken a look at some of our ideas for the new European Commission
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The Euro Area reform – Enrico Letta in El Diaro
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The eurozone reform and what the EU can do better – E. Letta in The Federalist
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A budget for the euro area ? – Eulalia Rubio in La Croix
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/articlebleu.png)
Enrico Letta in BergamoNews about the euro crisis and the migratory phenomenon
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/articlebleu.png)
Pascal Lamy in La Dépêche: “Il faut intégrer davantage la zone euro”
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Yves Bertoncini on France Info: Où en est vraiment l’europhophie en Allemagne, PaysBas et Hongrie ?
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Yves Bertoncini in L’Opinion: “La peur peut favoriser l’unité des Européens”
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Enrico Letta on Public Sénat : Euro, terrorism, migrants, Brexit
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Our report “Repair and prepare: growth and the euro after Brexit” in Géopolis
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Our report “Repair and prepare: growth and the euro after Brexit” in Financial Times
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Pascal Lamy on Le Parisien Magazine: “Faut-il sauver la peau de l’euro ?”
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Our report “Repair and prepare: growth and the euro after Brexit” in Deutsche Welle
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/blogpostbleu.png)
Our report “Repair and prepare: growth and the euro after Brexit” in Les Echos
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/blogpostbleu.png)
Our report “Repair and prepare: growth and the euro after Brexit” in Il Sole 24 Ore
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/blogpostbleu.png)
Our report “Repair and prepare: growth and the euro after Brexit” in Reuters
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/blogpostbleu.png)
Antonio Vitorino on Observador : Socialistas em busca de nova “arma secreta” para o combate à desigualdade
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/articlebleu.png)