Although the Euro was not designed in a way to allow countries to seize using the common currency by way of reversal to an old currency or by adoption of a new one, there have been instances where this farfetched option was considered, particularly in the wake of the Greek crisis. Do you think leaving the Eurozone is advantageous?
Unilateral withdrawal from the EU or EMU
A. A legal right of withdrawal? Doctrinal considerations
1. Withdrawal under the treaties
Unlike the conditions for accession to the EU, which are
addressed, even if not exhaustively, in
Article 49 TEU, neither the founding treaties (which, with the
exception of the European Coal
and Steel Community (ECSC) Treaty, have no specified term), nor
the successive amending
treaties made until the ratification of the Lisbon Treaty, made any
provision for a Member State's
withdrawal (negotiated or unilateral) from the EU or EMU. As one author
has written, there are
three main reasons why the treaties were silent on withdrawal:
first, it was in order to avoid
putting question marks to the Member States' commitment to the
achievement of their shared objectives; second, it was because
providing for the possibility of withdrawal might have
increased its likelihood; and third, because to provide for this
possibility would entail the
daunting task of spelling out the procedure and consequences of
withdrawal. Whatever the
force of the first two reasons, there can be little doubt
that disentangling the legal and other
implications of withdrawal would be a formidable challenge. For
instance, withdrawal from EMU
would entail: (i) creating a new currency or re-establishing
the old currency of the withdrawing
Member State; (ii) refunding the departing national central
bank's (NCB) contribution to the
European Central Bank's (ECB) capital, and reimbursing its foreign
reserve assets transferred to
the Eurosystem; and (iii) transferring full monetary sovereignty back
to the seceding NCB, with
all the practical difficulties and legal uncertainties that this
would involve for outstanding
monetary policy operations, especially in the case of unilateral
withdrawal. As for a Member
State's withdrawal from the EU, the complexities surrounding it
are legion, affecting the rights
and obligations of every natural or legal person inside or outside the
territory of the withdrawing
Member State who is or who may be affected by it. Whatever
the explanation for the treaties'
silence on the possibility of withdrawal, its legal consequence is that,
until now, no Member State
has had the clear option of withdrawing from the EU or EMU, especially
not unilaterally. This
situation is about to change now that the Lisbon Treaty has been
ratified by all 27 Member States.
The silence of Community primary law on the existence or otherwise of a legal right of withdrawal was, in any event, inconclusive, lending itself to two fundamentally opposed interpretations. One is that a right of unilateral withdrawal existed even in the absence of any explicit reference to it in the treaties, since sovereign States were, in any case, free to exercise their sovereign right to withdraw from their international commitments. The other is that the lack, until recently, of a formal exit clause in Community primary law must have been intentional, testifying to the Member States' lasting commitment to the EU's objectives and to the irreversibility of the European unification process, which is irreconcilable with a unilateral right of withdrawal. There were, pre-Lisbon Treaty, several indications in the treaties that the latter interpretation was no less plausible than the former. One was that both the EC and the EU Treaties were concluded for unlimited periods; another was that the original Member States' commitment 'to lay the foundations of an ever closer union among the peoples of Europe' was renewed and strengthened with each reform of the treaties, pointing to the continuity and irreversibility of the European unification project and to the apparent impossibility of secession from the EU if the EU's objectives are to be fulfilled. The explicit acceptance, by new entrants, of the acquis, the restrictions on the Member States' power to renegotiate their accession agreements (except in connection with derogations or other transitional measures), the solidarity principle expressed in Article 10 EC, and the fact that the treaties can only be amended in accordance with the procedure in Article 48 TEU also supported the view that Member States were not free to withdraw from the EU or, by extension, EMU, whether by agreement or, a fortiori, unilaterally.
2. The relevance of the Vienna Convention and of public international law
In
the absence of any clear guidance in the text of the treaties on the
existence or otherwise of a
right of unilateral withdrawal from the EU, and pending the entry into
force of the Lisbon Treaty,
the Vienna Convention on the Law of Treaties (the 'Vienna
Convention') was the best source
for a public international law-based answer to this question.
The text of the Vienna Convention
suggests that although 'unilateral denunciation from treaties not
providing for withdrawal is
contrary to the principle of pacta sunt servanda', in some cases
customary international law (of which the Vienna Convention is
deemed to be a codification) recognises a limited right of
withdrawal. The Vienna Convention recognises two different
situations where a signatory can
unilaterally withdraw from a treaty that is silent on the
possibility of its denunciation. One is
where it is possible to establish that the parties to the
treaty intended to recognise a right of
denunciation or withdrawal (or where such a right can be inferred from
the terms of the treaty);
the other (the clausula rebus sic stantibus or 'fundamental
change of circumstances clause') is
where there has been a fundamental and unforeseen change of
circumstances, and: (i) the
circumstances in question were an essential basis of the parties'
consent to be bound by the treaty;
and (ii) the change radically transforms the extent of the parties'
obligations under the treaty.
The
consensus among commentators is that the first of these
situations was not relevant
to the EC and EU Treaties. Given the terms and spirit of the treaties,
and the long-term integrative
nature of the EU, reflected in the permanence of its institutions and
in the transfer of significant
decision-making powers to the supranational Community institutions
by the Member States,
there is nothing to suggest that they contained a right of denunciation
or withdrawal. In the case
of EMU, Articles 4(2), 118 and 123(4) EC and its Protocol 24 on the
transition to the third stage
of monetary union expressly refer to the 'irrevocable' fixing
of the conversion rates at which
national currencies are to be exchanged for the euro, and to
the irreversibility of the process leading to the adoption of
the euro. The fact that EU membership is voluntary is not in
itself
conclusive since '[S]overeignty is ... given full expression in
the right of any State to join a
particular organisation, or not; but once a State decides to
enter an organisation it is no longer
free, and its own wishes are no longer decisive'. The EC Treaty's
recognition of the existence of
Member States with a derogation from EMU is similarly
inconclusive, since EMU participation
is, in the long run, obligatory for all Member States except
for those that have negotiated opt-
outs. As for the fundamental change of circumstances doctrine,
which is accepted however
reluctantly by most jurists, the consensus is that, whether in
the context of the treaties or in
connection with any other international agreement, its practical utility
as a ground for withdrawal
is limited to exceptional circumstances and that it should only
be invoked sparingly, given the
obvious 'threat it poses to the stability of treaties' and to the
sanctity of contracts. At least one
commentator has convincingly challenged the conceptual compatibility
of the fundamental
change of circumstances doctrine with the Community legal order,
concluding that it 'might have
difficulty passing legal muster in the EEC'. Another commentator has
argued that its application
should be limited to changes of circumstances that the
signatories to a treaty have expressly
identified, or to situations where the European institutions, including
the Court of Justice (ECJ),
have acted ultra vires and in breach of the treaties, leaving a Member
State with no option but to
withdraw.
To argue
that, because public international law sometimes recognises a
limited right of
unilateral withdrawal, the same right must have existed by analogy
in the context of the treaties
prior to the Lisbon Treaty would be to err threefold. First, it would be
to disregard the sui generis
constitutional nature of the Community legal order and the ECJ's
well-established interpretation
of the treaties as being permanently binding on the Member
States. Second, it would be to
subscribe to an extreme and largely obsolete concept of
sovereignty, at least as regards the
relations of the EU Member States with each other. Third, it
would be to overemphasise the
affinities between public international law and Community law. On the
first and second of these
points, see the van Gend en Loos case where the ECJ famously
ruled that '[T]he European conomic Community constitutes a new
legal order of international law, for the benefit of which
the States have limited their sovereign rights, albeit within limited
fields'; and the Costa v ENEL
case, where the ECJ stated that:
'By creating a Community of unlimited duration, having its own institutions, its own
personality, its own legal capacity and capacity of representation on the international
plane and, more particularly, real powers stemming from a limitation of sovereignty or
a transfer of powers from the States to Community, the Member States have limited
their sovereign rights and have thus created a body of law which binds both their
nationals and themselves ... The transfer by the States from their domestic legal system
to the Community legal system of the rights and obligations arising under the Treaty
carries with it a permanent limitation of their sovereign rights'.
On
the impact of sovereignty on the fulfilment by any State of its
international
commitments, the Vienna Convention's narrowly circumscribed right of
denunciation or
withdrawal clearly suggests that sovereignty does not
automatically absolve States from their
treaty obligations. In other words, a claim of sovereignty is
not a fool-proof legal defence to a
State's failure to comply with its voluntarily assumed
obligations, nor can it entitle a State to
withdraw unilaterally from the performance of its obligations as
it sees fit. As for the EU
dimension of sovereignty, it can no longer be argued that, in their
intra-Community relations, the
EU Member States retain the full measure of sovereignty which they can
exercise by withdrawing
unilaterally from the treaties. The Member States have ceded some of
their sovereignty, not to
the EU as such (which is not a 'State'), but to its supranational
institutions, including the ECJ, in
which they are represented. Already decades ago the ECJ expressly
recognised the obligation of national courts to set aside their
domestic law, including constitutional law, if it conflicts with
Community law. The foregoing is less an argument in support of
the bold and unrealistic
proposition that Member States have altogether surrendered their
sovereignty, and more a
reminder that the concept of sovereignty subscribed to by the
advocates of a free right of
withdrawal is outdated. This is at least so in the context of
the EU, given the challenge to a
Hobbesian 'all or nothing' understanding of sovereignty
represented by directly applicable
Community law for the best part of 50 years. The position has been aptly
summarised as follows:
'The sovereignty of member states has not been lost but rather subjected
to a process of division
and combination internally, and in a way enhanced externally.
But the process of division and
combination has taken us beyond the sovereign state'.
On the link between Community law and public international law and on the utility of public international law as a source of guidance on the existence or otherwise of a Member State's right of unilateral withdrawal, Community law differs markedly from public international law, despite the similarities which have led many commentators to treat Community law as a successful emanation of public international law. The ECJ has clearly established that one of the key differences between Community law and public international law is that 'with the latter, the effect of a norm in the national legal order is determined by national law, not international law; inEC law however, such effect is a matter of EC law, not national law'. This fundamental difference between the application of international treaties in the domestic law of the Member States on the one hand, and the application of the EC/EU Treaties in domestic law on the other hand, not only makes a nonsense of the traditional distinction in international law between monist and dualist systems of law, but ultimately 'justifies the conclusion that the Community constitutes a separate legal system that may be contrasted with traditional public international law in terms of institutional structures and outcomes'. It follows that whatever limited rights of unilateral withdrawal States may enjoy under public international law and the Vienna Convention, these rights are not necessarily immediately relevant in an EU context, where a right of unilateral withdrawal would be at odds with some of the basic assumptions underlying the Community legal order and the idea of a lasting union among the peoples of Europe, as a 'response to the specific internal logic of post-war Europe'.
3. A right of unilateral withdrawal as a remedy?
On
a more practical level, the extent to which unilateral
withdrawal is legally possible must
ultimately depend on whether, viewed as a remedy or a relief
measure from the withdrawing
Member State's standpoint, secession would be compatible with the scheme
of the treaties. There
are three hypothetical circumstances where a Member State could,
in extreme circumstances,
assert a right of unilateral withdrawal, whether as a remedy or by way
of relief. These are where:
(i) another Member State(s) has fundamentally infringed and continues to
infringe the treaties; or (ii) the European institutions have
acted ultra vires (in both of the foregoing cases, without the
treaties appearing to offer any remedy guaranteeing an early return to
legality); or (iii) a Member
State faces extraordinary difficulties that prevent it complying
with its treaty obligations. While
such circumstances are within the realm of the possible, the remedies
provided in the treaties for
infringements of Community law do not include a right for an
aggrieved Member State to
withdraw 'in protest', and difficulties that temporarily prevent
compliance with treaty obligations
are already catered for in Community primary law in ways that are
inconsistent with the assertion
of a unilateral right of withdrawal. Specifically, in order to
ensure compliance with the EC
Treaty, the ECJ has jurisdiction to hear cases brought against a Member
State by the Commission
or by another Member State. The EC Treaty also gives Member
States an unlimited right to
challenge, before the ECJ, the legality of acts of the
European institutions or the ECB that are
'intended to produce legal effects vis-à-vis third parties' or where
their failure to act constitutes
an infringement of the Treaty. In both of these cases there is a treaty
obligation for the European
institution whose acts have been declared void or whose failure to act
has been established by the
ECJ 'to take the necessary measures to comply with the
judgment of the Court of Justice'.
Similarly, where a Member State's grievance against any of its partners
relates to a 'serious and
persistent breach' of the fundamental principles laid down in
Article 6(1) of the EU Treaty, the
Council may suspend 'certain of the rights deriving from the
application of this Treaty to the Member State in question',
including its voting rights in the Council. Where extraordinary
domestic or international situations affect a Member State's ability to
fulfil its treaty obligations,
the EC Treaty provides for the possibility of Member States
taking temporary measures, in
derogation from the Treaty, in order to resolve 'serious
internal disturbances affecting the
maintenance of law and order, in the event of war, serious
international tension constituting a
threat of war, or in order to carry out obligations it has
accepted for the purpose of maintaining
peace and international security'. These exclusive treaty measures are
applicable to a Member
State's infringements of Community law and/or to extraordinary
situations affecting its ability to
meet its treaty obligations, and what they clearly show is
that the unilateral withdrawal of an
aggrieved or distressed Member State was never contemplated as a
legitimate remedy or relief
measure within the scheme of the treaties. Only if these remedies and/or
relief mechanisms were
to fail altogether, or if a novel situation were to arise which the
treaties do not cater for, could a
right of unilateral withdrawal perhaps be asserted, and even
then only as a last resort, if the consequences of the
continuing infringement of the treaties or of the crisis
affecting a Member
State were of a nature such as to leave it no option but to withdraw.
Even then, a question would
remain about the compatibility of a right of unilateral withdrawal with
Article 48 TEU and with
the procedure provided in it for amending the treaties.
Without prejudice to the possible application of the doctrine of fundamental change of
circumstances, the conclusion is that the assertion of an implied right of unilateral withdrawal
from the treaties, even in exceptional circumstances, would be highly controversial (especially in
the case of EMU, where in the text of the EC Treaty it is clear that no such right was intended)
except, perhaps, as a last resort in the event of an extremely serious and lasting infringement of
the treaties or extraordinary circumstances affecting a Member State's ability to fulfil its treaty
obligations. While public international law or the Vienna Convention may be useful sources of
guidance on the existence or otherwise of a right of unilateral withdrawal, their utility is limited
to contradicting the argument that, as the EU Member States are sovereign, they can unilaterally
renounce their obligations under the treaties. As the law stood pre-Lisbon Treaty, 'the only
acceptable way to withdraw from the Union is an agreement, ratified by all Member States'.
Needless
to say, these conclusions do not touch upon the all-important political
aspects of
national sovereignty. It is, no doubt, political considerations
that explain why, despite the
founding treaties' silence on the possibility of secession, no
Member State contested the UK's threatened withdrawal in 1975 and
why Greenland was allowed to leave the European
Communities in 1982, following domestic opposition to the common
fisheries policy and
growing demands for home rule. As one commentator has observed, '[A]s a
practical matter if a
Member State were determined to withdraw, the EEC has no
sanctions that can be applied to
compel lawful compliance with the Treaty. Thus, from this point
of view, it really is of no
consequence whether a legal right of withdrawal exists'. Nevertheless,
the conclusions drawn in
the preceding discussion provide useful insights into the rationale for
the introduction, in the text
of the new Treaty, of a clause expressly providing for the
voluntary withdrawal of a Member
State from the EU as well as a basis for assessing its
implications in a Community law context.
The recently enacted exit clause is considered is some detail in the
following section.