Document Type


Publication Date

Summer 2015

Publication Citation

22 Indiana Journal of Global Legal Studies 335 (2015)


According to a recent opinion poll that covered seven members of the Eurozone, Spain would be the Member State of this group that is most in favor of leaving the euro. In this public opinion context, and above all since the summer of 2012, debate has been growing in this country about the prospects of its exiting the European Monetary Union. In this article I argue that there are good reasons for taking this debate seriously. Using Spain as a case study, I analyze what the determinants of this decision could be. In particular, I analyze the economic determinants that could condition a decision in this direction. I conclude that in the current situation, a Eurozone member's decision to leave the common currency would be conditioned, in economic terms, above all by time and fairness. Therefore, a key element that a member of the Eurozone would have to take into account when considering whether to leave the euro would be twofold: 1) the extent to which this decision would prompt a faster adjustment; and 2) the extent that exiting would cause a fairer distribution of the costs of the adjustment