Information re Potential Changes in Eurozone Composition
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“And, as you would expect, as supervisors we are very keen to see that the banks plan for any disorderly consequences of the euro-area crisis.  Good risk management means planning for unlikely but severe scenarios, and this means that we must not ignore the prospect of the disorderly departure of some countries from the eurozone.  I offer no view on whether it will happen, but it must be within the realm of contingency planning.”
(Andrew Bailey, Executive Director, Prudential Regulation Authority (PRA) - Deputy CEO designate, 24 November 2011)
 
As the eurozone sovereign debt crisis continues to dominate the European economic landscape there is now much commentary being made on the implications of a eurozone Member State departing from the eurozone.  In this context, members may find it helpful to see:
 
 

The ECB’s Legal Working Paper Series includes a paper by Phoebus Athanassiou entitled “Withdrawal and expulsion from the EU and EMU - some reflections” (December 2009).
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