The essay argues that if any country leaves the euro, the entire euro must be dissolved, because the moment one country leaves the Euro, then the view that the Euro is 'unbreakable' or 'permanent' becomes untenable. This, it argues, would give markets the evidence and the ammunition to continue to turn their fire on Euro structural weaknesses elsewhere. In this essay the focus is administrative, involving an emphasis on maintaining secrecy for as long as possible and setting out a detailed week-by-week timetable. The essay argues that policy makers should aim to plan in secret and take markets by surprise. This process would need to be managed by a special task force established by France and Germany. The essay explores the management of total euro dissolution, proposing that ECU parities be used to divide up euro obligations. Physical euro notes and coin would be allocated according to the country letter รข€" so, for example, a euro marked "Y" would become a denomination of ! the new Drachma.
