Exit from a Monetary Union through Euroization: Discipline without chaos
Title: Exit from a Monetary Union through Euroization: Discipline without chaos
Author: COOPER, Russell
Series/Number: EUI ECO; 2012/09
This paper studies the role of exit from a monetary union during a debt crisis. A monetary union, such as the European Monetary Union, needs to establish a procedure for exit as a tool to cope with debt default. The paper studies various forms of exit and argues that “Euroization” is both a credible and effective means of punishment for countries in default.
Type of Access: openAccess