18 Colum. J. Eur. L. 111 (2011)
Hannes Hofmeister, Assistant Professor, University of Innsbruck, Institute for European and International law.
For the first decade of its existence,. the Economic and Monetary Union (“EMU”) was a success. Sixteen countries adopted the euro, and many other Member States were eager to follow suit. International confidence in the new currency grew steadily. Today, however, the lingering effects of the global financial crisis, coupled with some Eurozone states’ lax budgetary discipline, have cast a shadow on the future of the Eurozone. A Member State’s withdrawal from the EMU–long considered a taboo-no longer appears to be completely unrealistic.
But do the treaties allow withdrawal? To answer this complex question, this Article will proceed as follows: It will first briefly outline the history of the EMU. Next, the Article will examine the criteriaf or and the process of accession to the EMU. Last, it will analyze whether there is a right to withdraw from the EMU, and if so, under what circumstances that right can be exercised.