Brussels: ‘No one can leave the euro’

EUObserver reports that the European Commission insisted on 8 September 2011 that no member of the eurozone could 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 the article quotes a European Central Bank legal study from 2009 which argued that while voluntary withdrawal is legally not possible, expulsion remains 'conceivable'.

EUObserver, 9.9.11: Spanish commissioner lashes out at core eurozone states http://euobserver.com/19/113568

Kathimerini, 8.9.11: Gov’t rules out eurozone exit http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_08/09/2011_405500

Spiegel Online International, 9.9.11: 'Deficit Sinners' Flags Should Fly at Half-Mast' http://www.spiegel.de/international/europe/0,1518,785365,00.html

ESO: Background information: Greek bail-out talks stall http://www.europeansources.info/record/greek-bail-out-talks-stall/

ECB: Legal Working Paper Series, No.10, December 2009: Withdrawal and Expulsion from the EU and EMU. Some reflections http://www.ecb.int/pub/pdf/scplps/ecblwp10.pdf

ESO: Background information: Netherlands: Indebted states must be made ‘wards’ of the commission or leave euro http://www.europeansources.info/record/netherlands-indebted-states-must-be-made-wards-of-the-commission-or-leave-euro/

Eurostep: The Lisbon Treaty: Treaty on European Union & comments: Title 6 - Final provisions (Articles 47-55): Article 50 http://www.lisbon-treaty.org/wcm/the-lisbon-treaty/treaty-on-european-union-and-comments/title-6-final-provisions/137-article-50.html

EurActiv, 9.9.11: Commission rebuffs Dutch calls for euro 'exit plan' http://www.euractiv.com/euro-finance/commission-rebuffs-euro-exit-debt-offenders-news-507495

---