This essay is a practical document designed to answer the question: If member states leave the Economic and Monetary Union, what is the best way for the economic process to be managed to provide the soundest foundation for the future growth and prosperity of the current membership? Accordingly, each of the main sections concludes with recommended actions, which are then brought together at the end of the paper in a step-by-step plan. We interpret ‘leaving Economic and Monetary Union’ to mean withdrawal from the most important element of the third stage of EMU, the euro. Euro withdrawal is theoretically straightforward but practically treacherous. Economic research company Capital Economics has won the 2012 Wolfson Economics Prize with this essay, which is the second biggest prize in economics after the Nobel Prize.
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