Carney: An independent Scotland would require bank supervision

Bank of England governor says Scotland would have to cede some sovereignty

LONDON – The governor of the bank of England has waded into the heated question of whether Scotland would be able to use the pound should it vote to become independent, saying it would still have to give up some sovereignty.

Scotland’s pro-independence party says it would like to keep the pound and the same monetary policy as Britain if it secedes after a vote in September.

Mark Carney told a group of business leaders in Edinburgh on Wednesday that successful currency unions require some level of common fiscal policy and bank supervision.

Carney says that “In short, a durable, successful currency union requires some ceding of national sovereignty.”

Carney stressed this would be a decision for the two parliaments — and that the bank would implement whatever policy they choose.




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Carney: An independent Scotland would require bank supervision

  1. Not unlike how an independent Quebec would allegedly keep using the Canadian dollar and have a say in Canada’s monetary policy. If wishes were horses …

    • However, Quebec has never been a sovereign nation, whereas Scotland was. And I don’t see how using a common currency and sharing some elements of monetary policy is necessarily damaging unless it is tied to social, political and economic reforms that would impact the entire nation.

      • I can’t speak to the Scottish situation. However, I believe I am correct in saying that should Quebec vote for independence at some point in the future, what’s left of Canada would most likely not be in a mood to share anything with the independent country of Quebec. Canada could probably not stop Quebec from using the Canadian dollar even if it wanted to, but that’s quite different from giving Quebec a say in its management.

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