Brussels: "No one can leave the euro"!
2011-09-14 0:00

By Leigh Phillips | EUObserver.com

The European Commission on Thursday (8 September) insisted that no member of the eurozone can leave the single currency after Germany and the Netherlands suggested publicly for the first time that such an extreme move should indeed be considered.

However, a European Central Bank legal study from 2009 argues that while voluntary withdrawal is legally not possible, expulsion remains "conceivable".

Responding to suggestions both from Germany and the Netherlands that countries that do not adhere to strict budget discipline be required to dump the euro, EU economy spokesman Amadeu Altafaj-Tardio on Thursday insisted that there is no debate happening at any level on whether Greece should be kicked out.

"There is no discussion whatsoever on such an eventuality," he told reporters in Brussels.

"Neither exit nor expulsion from the euro area is possible, according to the Lisbon treaty under which participation in the euro area is irrevocable," he added, referring to the European Union’s rule-book.

Earlier the same day, the Dutch prime minister, his economy, finance and foreign ministers outlined proposals for the creation of a specially appointed European commissioner who would be given the power to take over the economy of heavily indebted member states and ultimately kick a state out of the euro.

The same day, German finance minister Wolfgang Schaeuble told Deutschlandfunk radio that the Greek people must decide whether they want to stay members of the currency union.

"I understand that there is resistance among the Greek population to austerity measures," he said. "But in the end it is up to Greece as to whether it can fulfil the conditions that are necessary for a membership of the common currency."

Despite the commission’s insistence that withdrawal or expulsion from the euro is not legally possible, the Lisbon Treaty did for the first time introduce a clause describing exit from the European Union itself.

"Any member state may decide to withdraw from the Union in accordance with its own constitutional requirements," article 50 of the text says, going to describe the mechanics of such a move.

In 2009, the European Central Bank produced a legal working paper examining the legal issues surrounding euro and EU exit.

It concluded that euro exit is only possible upon exit from the union as a whole.

"A member state’s exit from European monetary union [EMU], without a parallel withdrawal from the EU would be legally impossible," the paper said regarding a country deciding to exit itself.

But there is a slight nuance to the question of whether a country can be kicked out against its will, noting that this is "next to impossible".

"A member state’s expulsion from the EU or EMU, would be legally next to impossible," the author wrote.

The paper goes on to say that expulsion, while "remote" is "still conceivable", however.


Read the full article at: euobserver.com




Related Articles
UBS: Euro Collapse Could Lead To Martial Law, Civil War
UBS Quantifies Costs Of Euro Break Up, Warns Of Collapse Of Banking System And Civil War
Is The End Of The Euro In Sight?
Bail Till You Fail: ’Euro collapse programmed’ (Video)
Think tank says Euro currency has 1-in-5 chance of lasting the decade
Nigel Farage: Euro Empire Collapsing, Bailout River Dry (Video)
Is this how the EU got a Yes to Lisbon from the Irish?
German minister calls for Lisbon treaty EU army
EU Lisbon Treaty comes into force
So as Ireland votes ’yes’ to Lisbon treaty, our 1000 years of history ends like this


Latest News from our Front Page

Facebook completes first drone flight above UK, Mark Zuckerberg confirms
2015-03-28 3:15
Solar powered drones which provide internet access to rural and remote areas have been trialled in UK for first time by Facebook. They “have a wingspan greater than a Boeing 737 but will weigh less than a car”, according to the social network's chief Mark Zuckerberg. The drones, developed by Somerset-based company Ascenta which Facebook bought last March, will beam down laser-guided ...
300 Young English Girls (and a few Boys) Groomed and Assaulted by Oxfordshire "Gangs," Report Finds
2015-03-28 2:04
Editor's note: This story is a few days old now but the echoes of Rotherham just keeps coming. A few weeks ago there was Halifax, now Britain proudly can add Oxfordshire to their line up of diversity success stories. Below is the story from the telegraph: Serious case review finds failings by police and social services as it identifies hundreds of victims A ...
British POW describes the horror of the bombing of Dresden
2015-03-28 0:33
Partial Transcript of Interview with Victor Gregg, WW2 British solder and POW: Interviewer: "Tell us how it was that you were in Dresden at that time." Victor Gregg: "It was evil....thousands of firebombs dropping all over the place, heat, fire, people screaming, people burning, people alight. After about half an hour it started developing into something that was really bad....It was ...
Rape of 285,000 German Women at the End of WWII Trigger Damage Control by Mainstream Media
2015-03-27 20:25
Is Exposing Allied War Crimes an honorable act? No, it’s slandering heroes according to Daily Mail A recent article from the Daily Mail that pretends to look at the post WWII crimes and rapes of the Allies against the German people is actually damage control. It’s really an attempt to divert away from the true horrors that was visited upon Germany ...
Minister of Migration attacked by asylum seeker with fire extinguisher
2015-03-27 2:12
Sweden’s Minister of Justice & Migration also known as Morgan “only 1%” Johansson, has been attacked with a fire extinguisher when he visited an asylum home for future Swedes. Regional newspaper, Kristiandstadsbladet reported that a man who had been living at the home for a couple of weeks grabbed a fire extinguisher and sprayed foam all over the minister who didn’t ...
More News »