ABSTRACT
For a country that finds itself in a crisis, leaving the eurozone would be connected with the risk of panic and a banking collapse. But there’s no threat of such disturbances if a country with a strong competitive position, such as Germany, leaves. German bank depositors would have no fear of converting the euro into a new German mark, as they would tend to expect that after its introduction, the new currency would strengthen. Nor would the negative balance-sheet effect occur in crisis-stricken countries, as these states would remain in the eurozone. Various economists have pointed out that a German departure from the eurozone would cause a weakening of the currency in relation to the new Germany currency, which would improve the competitiveness of the crisis-hit eurozone countries. In 2013 a group of economists and intellectuals announced the European Solidarity Manifesto. The manifesto calls for a controlled decomposition of the eurozone starting with the jointly agreed departure of the most competitive countries. The signers state that a strategy outlined in the Manifesto offers the fastest path to restoring economic growth, which is the best guarantee of stability and success in Europe.
