![\"\"](\"http:\/\/nw0.eu\/wp-content\/uploads\/HLIC\/ccafef031a663c95ce2ee13fadd3c84a.jpg\" "\\"\\"")
<\/p>\n<\/p>\n
‘Fears of a euro breakup The author makes a string Those who suspect that
\nhave reached the point where the European Central Bank feels compelled
\nto issue a legal analysis of what would happen if a country tried to
\nleave monetary union. <\/font>“Recent
\ndevelopments have, perhaps, increased the risk of secession (however
\nmodestly), as well as the urgency of addressing it as a possible
\nscenario,” said the document, entitled “Withdrawal and Expulsion from
\nthe EU<\/a> and EMU: Some Reflections.” <\/font><\/p>\n\n<\/div>\n
\nof vaulting, Jesuitical, and mischievous claims, as EU<\/a> lawyers often
\ndo. Half a century of ever-closer union has created a “new legal order”
\nthat transcends a “largely obsolete concept of sovereignty” and imposes
\na “permanent limitation” on the states’ rights. <\/font><\/p>\n\n<\/div>\n
\nthe European Court has the power pretensions of the medieval papacy
\nwill find plenty to validate their fears in this astonishing text. <\/font>Crucially,
\nthe author argues that eurozone exit entails expulsion from the
\nEuropean Union as well. All EU<\/a> members must take part in EMU (except
\nBritain and Denmark, with opt-outs). <\/font>This
\nis a warning shot for Greece, Portugal, Ireland<\/a>, and Spain. If they
\nfail to marshal public support for draconian austerity, they risk being
\ncast into Icelandic oblivion. Or for Greece, back into the clammy
\nembrace of Asia Minor.’<\/font><\/p>\n