I am also interested in any published study on the failure of economic and monetary unions.

Thank you very much for your assistance.

I have to say that I shared your question as well, in some of my current challenges,it is only possible, when done from the inside of the system, from the top to the bottom , with long term solutions and a complete new direction, well thought through in place.

… A member that is perceived as fiscally insolvent must either change its tax and expenditure policies to become fiscally solvent, exit the monetary union and inflate unilaterally (raise new inflation taxes from unilateral seignorage), or remain in the monetary union by convincing …

Calomiris, C. W. (1998). The impending collapse of the European Monetary Union. Cato J., 18, 445.

For Eurozone members, a nominal devaluation would entail an exit from the monetary union, creating daunting legal, institutional and technical challenges (Eichengreen 2010)...

Wolf, H. (2011). Internal devaluation in a monetary union. International Economics and Economic Policy, 8(1), 3-6.

paper studies the role of exit from a monetary union during a debt crisis. A monetary union, such as the European Monetary Union, needs to establish a procedure for exit as a tool to cope with debt default. The paper studies various forms of exit ...

Cooper, R. (2012). Exit from a monetary union through euroization: Discipline without chaos (No. w17908). National Bureau of Economic Research.

monetary union institutions must be able to play an active role and convince governments and financial institutions to make procedures in dealing with debt repayment for borrowing countries with a regulation.

How a country can leave the monetary union is determined by the factors that led to the decision to leave. First of all, the key issue is whether leaving the monetary union is the result of external factors, i.e. a deep economic and monetary crisis, a strong increase in currency risk, avoidance of a specific currency by various economic entities making investments, capital transfer and international payments. On the other hand, this problem will be solved differently if the decision to exit the monetary union is determined by internal factors, i.e. a return to the national currency in a situation where the analyzes show that due to the growing importance of the country's economy and its share in global GDP it has increased significantly and it has been recognized that it may be reasonable to decide to leave a particular monetary union while increasing the significance of another, e.g. national currency. However, these types of situations are rare and are the result of previous currency crises and a significant change in the importance of a particular national economy in the context of the international economic environment and / or in the context of the global economy. Over the past several decades, tendencies to create currency unions have been dominant to reduce currency risk and the costs of international financial transactions and direct investment in other countries. Monetary union operates efficiently in a system of economically, financially, systemically and so on, multi-faceted national economies and in such a situation are an important factor for the economic growth of the countries that joined a given monetary union.

Regards,

Dariusz Prokopowicz

Please have a look at this article: https://www.nber.org/papers/w17908

NBER Working Paper No. 17908 Issued in March 2012 NBER Program(s):Economic Fluctuations and Growth

This paper studies the role of exit from a monetary union during a debt crisis. A monetary union, such as the European Monetary Union, needs to establish a procedure for exit as a tool to cope with debt default. The paper studies various forms of exit and argues that "Euroization" is both a credible and effective means of punishment for countries in default.