A lot of eurozone countries breach the Maastricht convergence criteria and do not get punished.

Quitting the Euro? Example Greece: Return to Drachma? Exports would become more competitive, but:•Dependency on Foreign Energy Imports•Foreign (French) Banks hold Greek government bonds

The Treaty of Lisbon introduced an exit clause for members who wish to withdraw from the Union.Eurosceptics who want the UK to withdraw from the EU might be able to win an “in/out” referendum if they could persuade the public that trade ties with the other 26 EU members would not be damaged. Pro-EU campaigners claim Britain would have little say over trade rules if it left.

Some of the EU's ideas on bank reforms could damage London's status as a global financial centre. But economic case to stay in EU is overwhelming', say business leaders.

Advantages? UK could decide alone agein in areas where EU has exclusive competence: customs union, competition rules, environment, agriculture…

But: Leaving the common market?

3 possible scenarios: some countries leaving the EU – remaining “core union”

Multi-speed Europe or two-speed Europe (called also variable geometry Europe or Core Europe depending on the form it would take in practice) is the idea that different parts of the European Union should integrate at different levels and pace depending on the political situation in each individual country.

Deeper political reforms:It is often proposed that the European Union adopt a form of fiscal union. Most member states of the EU participate in economic and monetary union (EMU), based on the euro currency, but most decisions about taxes and spending remain at the national level.Direct election of a European Council president?

HISTORY OF POLITICAL AND ECONOMIC THOUGHT

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