Scots can use the Pound Sterling if they want

February 14, 2014 · By

Whether Scotland is independent from the United Kingdom or not, nobody can stop the Scots from using the Pound Sterling as a currency or as a competing currency.

Canadians dealt with these fears long ago. Scottish separatists would be wise to study Jacques Parizeau’s post-political speaking tour.

Comments

4 Responses to “Scots can use the Pound Sterling if they want”

  1. chaos111 on February 14th, 2014 9:52 pm [#]

    Only with no control as with Quebec

    Crisis for Salmond deepens: 24 hours after being told Scotland cannot keep the pound he scrambles for ‘alternatives’

    http://www.dailymail.co.uk/new.....tives.html

  2. Charles Anthony on February 15th, 2014 6:51 am [#]

    That is not a crisis for the Scots but rather, a crisis for the UK banks. The Scots can create their own petro-currency if they want or they can trade in gold.
    Are you suggesting that no control is a bad thing? For either Quebec or Scotland, the lack of control is a good thing for the locals.

    That article by the Daily Mail is propaganda and misdirection.

  3. dance...dancetotheradio on February 15th, 2014 2:44 pm [#]

    Quebec and Scotland are free to use a foreign currency if they achieve sovereignty.
    But, their economic policies and practices will turn them into Greece if they do.

  4. monkey on February 17th, 2014 10:31 am [#]

    They certainly can use the pound, but interest rates would be set based on the conditions in England, Wales, and Northern Ireland only while Scotland’s financial situation would not play a role in deciding the valuation. By contrast if they joined the Euro, they would have a say, albeit a small one. Nonetheless financially speaking the pound is probably a better choice than the Euro. Interestingly enough until a few years ago Scottish nationalist favoured joining the Euro. Also they may have no choice but to join the Euro as the Maastricht Treaty requires all EU members to join the Euro and only Britain and Denmark have an opt-out. Any future member cannot request an opt-out they must join so it would be interesting to see how the ECJ would rule on Scotland as it was part of Britain that secured an opt out, but it would also be a new member and thus the treaties if using the latter would require it to join the Euro.

Got something to say? (Read the rules first)