Alex Salmond's comments regarding a currency union

[poshfan]

Just heard Alex Salmon on the BBC news talking about Mark Carney's review of the issues to do with a currency union. Not sure if it was a slip of the tongue, but if not it comes across as extermely arrogant. Went something along the lines of:

"Mark Carney will be looking purely at the technical issue of a currency union. He is not a politician and won't be arguing either in favour of it or against it. Whether there is a currency union or not is of course a matter for the Scottish people."

Excuse me Mr Salmond, doesn't the rest of the Uk get a say?

 

[ainsworth74]

From my reading of it the entire 'Yes' campaigns case is based on the UK (and indeed rest of the world in some cases) not getting a say and simply doing whatever the Scottish Government requests. So why should a possible currency union be any different?

 

[Butts]

From my reading of it the entire 'Yes' campaigns case is based on the UK (and indeed rest of the world in some cases) not getting a say and simply doing whatever the Scottish Government requests. So why should a possible currency union be any different?

This like all the other arguments for and against are purely academic as there will not be a "Yes Vote".

 

[Zoidberg]

This like all the other arguments for and against are purely academic as there will not be a "Yes Vote".

One can but hope. Well, this one does.

 

[richw]

This like all the other arguments for and against are purely academic as there will not be a "Yes Vote".

Isn't this why they've lowered voting age to try and get yes votes from the youngsters who don't know/ understand the implications of independence?

 

[Zoidberg]

Isn't this why they've lowered voting age to try and get yes votes from the youngsters who don't know/ understand the implications of independence?

That is where I believe the threat to common sense lies

 

[Robinson]

So basically the English can play hardball against Scotland if we vote Yes to independence, but the Scots can't? Just like David Cameron can say it's a "matter for Scots only" when refusing to debate Alex Salmond, but still he continues to send his minions like William Hague up to Glasgow to give us lectures on how we're too poor, too wee, too stupid etc? Like when Better Together get English celebrities to "love bomb" us with annoying phone calls?

Ah well, just another day as a so-called "equal partner" in this dysfunctional union. Precisely why Scotland will be better off as an independent nation.

 

[DarloRich]

You want the pound you stay in the UK . If salmond wants independence then he can have total and utter independence. Euro zone here you come!

 

[richw]

You want the pound you stay in the UK . If salmond wants independence then he can have total and utter independence. Euro zone here you come!

Unless they don't enter Europe and go for complete independence, in which case will require a new currency. Any Scottish currency will be extremely weak against the dollar/pound.

 

[DarloRich]

Unless they don't enter Europe and go for complete independence, in which case will require a new currency. Any Scottish currency will be extremely weak against the dollar/pound.

indeed - I, perhaps wrongly, assumed the euro zone wanted another basket case economy on its books!

 

[Monty]

Salmond needs to learn he can't get everything his own way, actions have consequences.

 

[MidnightFlyer]

If salmond wants independence then he can have total and utter independence.

Indeed. In my opinion (with regard to independence, not devolving of powers), you should be either 100% in or 100% out; no 50:50 or 'a bit of this and that please'.

 

[W-on-Sea]

Although Scotland would lose any ability to set interest rates/control the currency if they retained the pound in a post-independence scenario, I don't think there is anything stopping the Government of an Independent Scotland deciding to retain the Pound, regardless of the opinions of anyone in office in London:

As precedents, there are numerous states that use the US dollar as their currency (most notably, at the present time Ecuador); while Montenegro and Kosovo both use the Euro as their currency (and previously used the Deutsche Mark), despite not being formal members of the Euro, or having submitted to the criteria required of countries seeking formal admission to the Euro zone. (This latter point also means that Scotland would have to pre-qualify before being admitted to the Euro: it wouldn't be permitted to sign up to the European monetary system immediately upon independence - there would be an interim period, I think of at least three years.)



It may not be a very dignified state of affairs for a newly independent state that seeks to be taken seriously...but it could happen. (Whether the Scottish banks would be able to continue printing their own notes is perhaps another matter, however).

 

[Monty]

I think there is a difference between continuing to use sterling as 'acceptable tender' and a full blown currency 'union' which would imply an independent Scotland would have a say in how it is regulated by the BoE.

 

[Johnuk123]

Ah well, just another day as a so-called "equal partner" in this dysfunctional union. Precisely why Scotland will be better off as an independent nation.

I don't think many English people will be too bothered if by some miracle Scots vote to go it alone.

I realise Salmond will have to come up with some real sweeteners but it would take a big turnaround to get a yes vote.

Carney was quite specific you can't keep the pound and have full Independence and quite right too.

By the time Scotland has gone through the long drawn out process to get into Europe and the Euro Salmond and most of his Government will be dead anyway.

 

[transmanche]

Although Scotland would lose any ability to set interest rates/control the currency if they retained the pound in a post-independence scenario, I don't think there is anything stopping the Government of an Independent Scotland deciding to retain the Pound, regardless of the opinions of anyone in office in London:

As precedents, there are numerous states that use the US dollar as their currency (most notably, at the present time Ecuador);

There's a precedent closer to home. Ireland had a separate currency from 1928 (the Irish Pound, or punt) but for over 50 years it was tied to Sterling, until Ireland decided to joining the ERM.

This meant that Ireland effectively had to decimalise at the same time as the UK. I guess it meant that it was difficult for Ireland to follow a different interest-rate policy to the UK, at least without strict currency controls.

 

[Johnuk123]

Some idiot eurofanatic Scots politician was on Sky last week saying he wanted into the Euro as soon as possible, crack on I say.

 

[Butts]

Isn't this why they've lowered voting age to try and get yes votes from the youngsters who don't know/ understand the implications of independence?

Actually this may be an "urban myth" - one poll I saw from 16/17 years old in Aberdeen saw the status quo winning out 3 to 1

 

[Amberley54]

Some idiot eurofanatic Scots politician was on Sky last week saying he wanted into the Euro as soon as possible, crack on I say.

If Scotland wanted to join the EU as an independent nation, is not one f the entry criteria agreeing a timetable to join the Euro? That was certainly the case for Croatia's acceptance into the EU.

If so, i suspect Salmon will not want that inconvenient truth given too much publicity over the next few months

 

[richw]

If Scotland wanted to join the EU as an independent nation, is not one f the entry criteria agreeing a timetable to join the Euro? That was certainly the case for Croatia's acceptance into the EU.

It is a condition of entry to any new nations joining the EU. Another condition is being in the Schenger agreement,
Can just see customs and passport checks on the M6 etc

 

[transmanche]

If Scotland wanted to join the EU as an independent nation, is not one f the entry criteria agreeing a timetable to join the Euro? That was certainly the case for Croatia's acceptance into the EU.

If so, i suspect Salmon will not want that inconvenient truth given too much publicity over the next few months

That's been one of the big (unresolved) issues. I understand the SNP believe that Scotland wouldn't have to 'apply' to be an EU member, they would just inherit (part of) the UK's membership - and effectively membership would continue on the same terms as present. The counter-argument is as you stated.

The problem is that no-one knows which is right - and personally I think it's dangerous to have a referendum when the people do not have all the relevant facts in order to make a sensible decision.

 

[ainsworth74]

Didn't a relatively high ranking EU Commissioner state that Scotland would have to apply as a new nation?

 

[transmanche]

Didn't a relatively high ranking EU Commissioner state that Scotland would have to apply as a new nation?

Not that I disagree with you, but I don't think the opinion of a single Commissioner is definitive.

This recent BBC News article shows that the matter is still the subject of some debate.

 

[ainsworth74]

I'm not suggesting it is but it certainly helps to muddy the waters

 

[Zoidberg]

Actually this may be an "urban myth" - one poll I saw from 16/17 years old in Aberdeen saw the status quo winning out 3 to 1

Good news

 

[tbtc]

A lot of people "forget" that an independent Scotland wouldn't necessarily be the version that Alex Salmond wants - there's a risk that a lot of voters will be turned off by thinking that voting "YES" means voting for the SNP's policies on tax/ spending/ environment/ nuclear/ transport/ whatever. I think that the "YES" camp would do better by reminding people that an independent Scotland would be free to make its own mind up about things like cutting Corporation Tax (which seems to be an SNP policy), rather than the "any colour you want, as long as its Salmon Pink" version.

(and, just like an independent Scotland isn't necessarily going to be an Alex Salmond dominated one, a United Kingdom isn't necessarily going to be a David Cameron dominated one - he won't be around forever)

Anyhow, this isn't a general thread about independence (would Scotland be a "new country" in terms of EU membership etc etc), this is a thread about a currency union ("getting divorced but keeping a joint bank account") on a railway forum.

So, I'll suggest a railway related comparison. Ever since they privatised the railway, the Government have gained more and more power over the railway (much easier to hold private companies to task than unaccountable British Rail). There's a danger that an independent Scotland will see "London" (i.e. that nasty Mr Cameron and that nasty Mr Osbourne, two rather unpopular chaps north of the border) having more control/ influence over the Scottish economy than they currently have.

At the moment, the Bank of England sets Interest Rates for the good of the UK overall (including concerns about Scottish jobs, Scottish inflation, Scottish prosperity). If Scotland were to leave the UK then decisions would be taken in the interest of the remaining bits, with no Scottish representation and no accountability to Scots. Be careful what you wish for.

 

[Xenophon PCDGS]

Just an idle thought, but is there are chance that any existing country in the EU (besides this country) who may wish to vote against an independant Scotland joining that organisation ?

 

[DownSouth]

Just an idle thought, but is there are chance that any existing country in the EU (besides this country) who may wish to vote against an independant Scotland joining that organisation ?

Spain and France would be quite likely to, as they also have difficulties with similar secessionist movements in the Basque, Catalon and Breton regions. A deal might be struck to allow those countries to vote in favour (rather than abstaining or using their veto power) in exchange for making sure Scotland wouldn't get any of the "opt-out" arrangements which the UK has currently.


One thing is for sure - in the event of Scotland seceding that name and national flags of the UK will not change immediately. When a region secedes from a sovereign state, it is important for the continuing state to demonstrate that their sovereignty is unchanged, and a perfect way to do it would be to refuse a foreign power (i.e. Scotland) the power of dictating the UK's internal affairs (e.g. how the UK chooses to represent itself to the world, UK monetary policy, etc).

 

[EM2]

If Scotland gains independence, what would be the point of the SNP? According to the party's website, that is what it campaigns for.

 

[poshfan]

I don't think many English people will be too bothered if by some miracle Scots vote to go it alone.

In fact, how about a vote for the rest of the UK on whether we want independence from Scotland?