Dissertation: Austritt und Ausschluss aus dem Euro

Austritt und Ausschluss aus dem Euro

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Studien zum Völker- und Europarecht, volume 175

Hamburg , 304 pages

ISBN 978-3-339-12204-9 (print) |ISBN 978-3-339-12205-6 (eBook)

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The introduction of the euro as a common currency within the European Union was a significant milestone in European integration. However, the way in which it was introduced and the accompanying rules, including their application, were also viewed critically from the outset. This criticism intensified when many of the EU member states experienced serious budget difficulties in connection with the economic and financial crisis starting around 2007. The perceived unfairness of the existing deficit rules led to increased discussion of alternative ways of dealing with deficit countries.

Andreas Vossenkuhl’s study takes this setting as an opportunity to legally examine the idea of unilaterally leaving the eurozone and thus abandoning the euro as a national currency, an idea that has been suggested by various contributors in the course of the criticism. The core of the paper is the question whether there is a legally permissible possibility for a eurozone state to unilaterally leave the euro, i.e. without the consent of the other eurozone states. In particular, basic questions of European and international law are discussed, such as the applicability of international law to EU matters. For this purpose, scenarios are formed and legally assessed. The question of whether a state can be excluded from the euro zone against its will is also addressed. The author repeatedly arrives at results that question the prevailing European jurisprudence and point out weaknesses in many judgments that are considered to be the core of European jurisprudence.

The work also addresses the practical question of what changes would have to be made in the event of a withdrawal or exclusion and what consequences leaving the eurozone would have on private legal transactions. The combination of a large number of issues addressed in the jurisprudential literature within the framework of a single study represents an additional value of the work.

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