Eijffinger: ‘Northern’ Euro not feasible

Introducing a ‘neuro’, a new currency for the Northern eurozone countries, is not feasible. It is technically impossible for Northern euro states to change to another currency without leaving the EU, says professor of financial economics Sylvester Eijffinger.

“It is very easy to talk about the introduction of a neuro as a solution for the debt crisis”,  Eijffinger said to new agency ANP.  “People who do this are not familiar with the Maastricht Treaty that led to the creation of the euro and they do not understand the financial and economic implications of such a plan.”

“The Maastricht Treaty is based on the criteria for joining the eurozone. It says nothing about leaving it”, Eijffinger explains. Theoretically, any country that wants to give up the euro, also has to step out of the EU. “But I think that the European Council would like to make an exception for certain countries, like Greece, if the issue is raised.”