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Along with limits on withdrawals from ATMs and capital controls, EU officials are considering a possible suspension of the Schengen Agreement should Greece opt to leave the Euro Zone, according to reports this week.
The discussions were among financial experts “who need to be prepared for any eventuality,” the Reuters news agency reported.
The news comes at a time when Schengen has become a hotly debated topic within Europe. Many are fearful that the accord that did away with internal borders and created a single external border, signed in the Luxembourg town of Schengen back in 1985 and now one of the defining symbols of Europe integration along with the common currency, could be undermined.
Border checks
Last week, at a contentious meeting of European Union internal affairs ministers it was agreed that individual-member States would be able to introduce border checks for six months at a time (and then renew it at six month intervals for up to two years) under exceptional circumstances. It had previously been the case that borders could be shut temporarily only in the event of a security threat (a terrorist attack or a major sporting event within the country, for example).
The ministers also rejected an attempt to require Brussels' involvement in the decision, leaving matters in the hands of individual-member States.
The decision has proved hugely contentious. On Tuesday a heated debate in the European Parliament took place on the decision to exclude the institution from the decision-making process. “It is a weaker system from all angles and does not strengthen Schengen or protect it from abuse,” said Ms Cecilia Malmstrom, EU Home Affairs Commissioner.
“The creation of the Schengen area is one of the European Union's great successes, and we should make every effort to guard and strengthen it.”
The move would give even further support to Europe's far right movements, warned Mr Hannes Swoboda, the leader of the Socialist and Democrats group in the European Parliament during the debate. “Some have argued that we will face a massive influx of refugees from Tunisia. But where are they? Is this our answer to the Arab Spring?”
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