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Thursday, 26th July 2012
Leaving the euro: A practical guide
Source: Capital Economics
From the Introduction:
If member states leave the Economic and Monetary Union, what is the best way for the economic process to be managed to provide the soundest foundation for the future growth and prosperity of the current membership?
Accordingly, each of the main sections concludes with recommended actions, which are then brought together at the end of the paper in a step-by- step plan.
We interpret ‘leaving Economic and Monetary Union’ to mean withdrawal from the most important element of the third stage of EMU, the euro. Euro withdrawal is theoretically straightforward but practically treacherous. Over the years, much work has been done on the economics of devaluation and of currency redenomination. Moreover, there is a wealth of experience of both of these in practice. There is even experience of the break-up of monetary unions.
From this combination of theoretical knowledge and practical experience you can distil what can be regarded as an established orthodoxy. It should not be lightly dismissed. It is the established orthodoxy for a reason: it happens to be broadly right. To address the issues surrounding the break-up of the euro, therefore, we believe that we should not seek out some novel or clever “solution” to the euro issue. Rather, the task requires careful application of the lessons of both theory and historical experience to the specifics of the euro.
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By Adrian Janes
Having begun his career in academic libraries, Adrian Janes is currently an Information Services Librarian with the London Borough of Havering.
In this role, he has particular responsibility for information from both the UK Government and the European Union. He wrote a detailed report on sources for the latter which was published by Free Pint Ltd. in 2007. He is also involved in training and publicising online reference resources and is a regular contributor to DocuTicker.
Adrian can be reached at adrian.janes@freepint.com
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