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m Eurozone nor any other similar problem that might arrive soon. First, the Treaty of Lisbon has the 'no-bailout' clause to prevent a budgetary problem in one country spilling over the EU as a whole. The no-bailout clause prohibits member countries from rescuing other countries or from accepting the debts of other countries. However, the Article 122 of Lisbon Treaty states that any member country 'seriously threatened with severe difficulties caused by natural disasters or exceptional occurrences beyond its control' can receive financial assistance from other members. The question is whether a member country's current debt crisis could qualify as an 'exceptional occurrence' and not a 'man-made' issue. This clause was inserted to strengthen unity and commitment of Eurozone. But the reality is that some countries are possessing extremely high level debts and deficits far exceeding the requirements. Therefore, there are not many methods for to assist these financial troubled countries under the current circumstances. The Articles 4(2), 118, and 123(4) explicitly indicates that the process for adoption of the Euro is irreversible. Participation of the EMU becomes a legal obligation due to the irrevocability of the agreement and the monetary union process. Thus, the exit option of leaving EMU while staying in the EU is impossible. The exit option is only allowed to exit the EU and EMU altogether.

In addition, there is no clear mechanism by which members could expel a fellow country. The expulsion could only be possible if the treaty were amended and provided that all member countries respond favourably to this amendment.

Conclusion 结论
The EU and the Eurozone are suffering not only a financial crisis, but also a totally lack of appropriate structural reforms. The proper functioning of the EMU depends on the compliance with requirement provided in monetary and fiscal policies. Some member countries need to adopt urgently a number of structural reforms to promote economic growth of its own country and to stable euro as part of the EMU. Most importantly, the EMU should take this crisis as an opportunity to create a restructuring mechanism to strengthen and reform the economic, political foundations of the euro project.
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