How to Leave the Eurozone: The Case of Finland
Malinen, Tuomas; Nyberg, Peter; Koskenkylä, Heikki; Berghäll, Elina; Mellin, Ilkka; Miettinen, Sami; Ala-Peijari, Jukka; Törnqvist, Stefan (2018)
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Malinen, Tuomas
Nyberg, Peter
Koskenkylä, Heikki
Berghäll, Elina
Mellin, Ilkka
Miettinen, Sami
Ala-Peijari, Jukka
Törnqvist, Stefan
De Gruyter
2018
Kuvaus
peerReviewed
Tiivistelmä
This article provides thoughts and guidelines on how a country could exit from the Economic and Monetary Union (EMU) and its currency the euro. We take the hypothetical exit of Finland as a concrete example. Although there is a way out of the euro for Finland and other member countries, exit would not be easy, nor would its short-term costs be known beforehand with any clear margin. We find the lack of a domestic payments system and uncertainty concerning the redenomination costs to be the biggest risks associated with the cost of Finland’s exit. Still, the costs of Finland’s exit need not be very large, around 10 billion euros in the best-case scenario, but we also acknowledge a very costly scenario for the exit.
JEL
E61, F45, H12
Avainsanat
domestic currency, euro, exchange rate, payment system