Spanish Property Insight › Forums › Spanish Property Forums › Spanish Real Estate Chatter › Why did Ireland bother? Don’t they have Trojan horses? › Re: Re: Why did Ireland bother? Don’t they have Trojan horses?
My understanding of the European Treaties is that all E.U. member states are under an obligation to join the euro zone as long as they meet the convergence criteria (However, I’m sure non euro zone countries would sensibly insist that their economies are not convergent).
The Treaties have no provision for an exit clause from the euro zone therefore in principle a country could now only leave the euro zone by leaving the European Union. From what I understand the Lisbon Treaty does have a provision for member states to leave the European Union but is silent on the issue of leaving the euro zone.
It would need a change in the Treaties for a member to leave the euro zone and remain legally in the European Union. That is why I mentioned in an earlier post that leaving the euro zone and remaining in the European Union would require the consent of other members. If that consent was withheld then other members could make life intolerable for the member state that unilaterally decided to leave.