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How to Leave the Eurozone: The Case of Finland

Tuomas Malinen (), Nyberg Peter, Koskenkylä Heikki, Miettinen Sami, Ala-Peijari Jukka, Törnqvist Stefan, Pii Berghäll () and Mellin Ilkka
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Nyberg Peter: University of Helsinki, Helsinki, Finland
Törnqvist Stefan: Independent, Helsinki, Finland
Mellin Ilkka: Aalto University, Department of Mathematics and Systems Analysis, Helsinki, Finland

The Economists' Voice, 2018, vol. 15, issue 1, 16

Abstract: 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.

Keywords: domestic currency; euro; exchange rate; payment system (search for similar items in EconPapers)
JEL-codes: E61 F45 H12 (search for similar items in EconPapers)
Date: 2018
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