Despite much confusion on this point, there does not appear to be any insurmountable legal barrier to a country leaving the euro and remaining within the European Union (EU), even without the prior agreement of other member states. Nor is it absolutely necessary to be a member of the EU to benefit from free trade within Europe or many of the non-economic benefits of closer European integration. But whatever the legal technicalities, we would expect a country like Greece to seek to remain within the EU even after exiting the euro, and believe that this position would be endorsed by other members.
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