Questions under consideration in this white paper include:
If a Participating Member State (PMS) wanted to leave the euro, what would it need to do?
If a euro-denominated loan or bond is made under English law, does English law decide the currency of account?
How could a creditor force a borrower to repay Euro? Would the English and local courts take the same approach?
If a PMS left the euro, would any EU law still apply to it? Could any court enforce it?
Could the exiting PMS introduce capital controls? A moratorium? Could the EU stop it?
Does the standard LMA documents wording contemplate all these potential outcomes?
Do the standard MTN programmes or euro bond documents contemplate these potential outcomes?