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.
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