THE CURRENCY QUAGMIRE GETS WORSE FOR THE SNP A few days ago Salmond seemed to accept that sterlingisation - using the pound without U.K. permission and no Central Bank - would be an alternative to a currency union. One problem with this is that to enter the Euro a sep Scotland would need experience of managing its own currency ! In another blow to SNPs hopes, Olli Rehn, vice president of the European Parliament, who is a former commissioner for economic and monetary affairs, (so he knows the rules) said keeping the pound without agreement from Westminster would simply not be possible. Why? EU/Euro membership requires countries to have access to an independent central bank. And, even worse, Mr Rehn said sterlingisation is prohibited under European Treaty law. The SNP are still up a loch without a paddle and their currency boat is leaking.Given these rules how could sep.Scotland even enter the EU ? telegraph.co.uk/finance/economics/11071043/Independent-Scotland-could-not-keep-pound-and-join-EU.html
Posted on: Wed, 03 Sep 2014 09:00:00 +0000
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