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Information re Potential Changes in Eurozone Composition
 

The materials and data provided to members of ICMA through this webpage are intended for
general information only, and not to provide legal or other advice.  ICMA makes no
representations or warranties, express or implied, as to the accuracy and completeness of any
information contained on this webpage or any third party website which may be referred to or
accessed by hyperlinks through or to this webpage.

 

“And, as you would expect, as supervisors we are very keen to see that the banks plan for any
disorderly consequences of the euro-area crisis.  Good risk management means planning for
unlikely but severe scenarios, and this means that we must not ignore the prospect of the
disorderly departure of some countries from the eurozone.  I offer no view on whether it will
happen, but it must be within the realm of contingency planning.”
(Andrew Bailey, Executive Director, Prudential Regulation Authority (PRA) - Deputy CEO
designate, 24 November 2011)
 

As the eurozone sovereign debt crisis continues to dominate the European economic landscape
there is now much commentary being made on the implications of a eurozone Member State
departing from the eurozone.  In this context, members may find it helpful to see:
 

Ashurst’s briefing note “Repo, Securities Lending and Eurozone Contingency Planning”
(February 2012).

Ashurst’s briefing note “International contracts and the Eurozone crisis” (January 2012).

Morrison & Foerster’s news bulletin “A Euro Break-up: Impact on Financial
Documentation” (January 2012).

Slaughter and May’s briefing note “The Eurozone Crisis - an indicative approach to
contingency planning” (December 2011).

Slaughter and May’s briefing note “Euro break-up/fragmentation - Impact on financing
documentation” (December 2011).

Linklaters’ Eurozone bulletin “Do I need a contingency plan?” (December 2011).

Ashurst’s briefing note “Repo and the Eurozone Crisis” (December 2011).

Clifford Chance’s briefing note “The Eurozone Crisis and Eurobond Documentation”
(November 2011).

Herbert Smith’s questions and answers “Potential Eurozone break-up” (November 2011).

Slaughter and May’s briefing note “Eurozone Crisis - What do clients need to know?”
(October 2011).

Allen & Overy's Global Law Intelligence Unit's paper on “The euro and currency unions”
(October 2011).

Allen & Overy's Global Law Intelligence Unit's paper “State insolvency - what 
bondholders and other creditors should know”.
 


The ECB’s Legal Working Paper Series includes a paper by Phoebus Athanassiou entitled
“Withdrawal and expulsion from the EU and EMU - some reflections” (December 2009).

 
 
 

 


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