ECB-directeur Noyer wijst op risico's van verlaten eurozone (en)

It is possible for member states to quit the eurozone, but any such move would be highly risky, European Central Bank (ECB) governing council member Christian Noyer said in a closed appearance in the French National Assembly last week.

According to a published summary of the intervention, which took place on 29 June, Mr Noyer stated "It is possible for a country to leave the eurozone because states are sovereign".

"Such a move would raise the question of that state's ability to remain within the European Union. It would, moreover, not be without risk", he added.

It is the first time a top-level authority in the ECB has admitted publicly that monetary union is reversible, writes the International Herald Tribune.

The euro fell to its lowest level against the dollar in more than a year on Monday (4 July) following news of the remarks, but the ECB is expected to keep interest rates unchanged at 2 percent when meeting on Thursday.

The Italian Northern league party, which holds cabinet posts in Silvio Berlusoni's government, has recently called for a revival of the Italian lira as a "parallel currency" to the euro and is considering launching a petition to get a referendum on the issue.