Since the creation of the euro in 1999 and its replacement of independent currencies all across Europe, Gilles Theiffry has studied the potential effects and outcomes for a centralized currency. As early as 1998, when the euro was still under development, Gilles Theiffry published papers on the assumption that a country would eventually seek to leave the Economic and Monetary Union (EMU) of the European Union.
These theories were based on sections of the original EMU treaty that outlined the regulations of the membership process. The treaty provided no possibility for a country to be removed or remove itself from the usage of the euro. Because of this limitation, countries currently seeking to leave the EMU and reinstitute their own currency would face isolation from the economy of Europe and potential disastrous reactions from foreign debt holders.
Gilles Theiffry’s solution to this problem is the creation of a dual currency system overseen not by any one country, but by the EMU as a whole. Such a currency would allow for the same financial recovery that reversion to old currencies could provide without the difficulty of cutting countries out of the EMU and forcing them to unilateral action.