Thursday 2 February 2012

Scotland Independence and the money issue

Marc Aupiais  -  31 Jan 2012  -  Public
Scotland Independence and the money issue

Salmond's stance that they will keep the pound (regulated by the Bank of England) , the BBC argues will hurt or make untenable true Scottish independence. The BBC is an arm of the British Government which has stated its opposition to Scottish Independence:

BBC: "In Bhutan, where they measure the high altitude economy by its human wellbeing count, money is exchanged in Indian rupees. Lichtenstein uses the Swiss franc (Well, you would, wouldn't you?). And South Africa's rand is used in neighbouring Namibia, Lesotho and Swaziland.

These tend to be very small countries, looking to - or dominated by - much bigger neighbours. Outside the eurozone, it's hard to find a parallel to a significantly-sized, developed, trading nation like Scotland, other than the currency alliance between Singapore and Brunei.

Inside the eurozone, it's hard to find anyone who thinks the currency alliance is working well, at least so long as its members insist on the autonomy they've enjoyed over the past decade.
So just how normal do currency unions look now, or for a country looking to gain its independence?"
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The future of Scotland's currency under independence raises a number of questions, such as how currency alliances have worked in practice.

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