Scottish Referendum Part 2 - Electric Boogaloo

[LondonManc]

OK so if Scotland wants to join it can. The economic criteria are for entry into the Euro not the EU.

Don't make the mistake of comparing Sturgeon with the Brexit liars in the UK.

So what currency will they use? I can't see her being allowed near Sterling.

[northernladyuk]

Has any country said they would veto it ?

How could Scotland in EU possibly work with a hard English / Scottish border?

[BlasterBates]

So what currency will they use? I can't see her being allowed near Sterling.

First of all the UK can't stop Scotland using Sterling, in the same way that other countries use the dollar without the consent of the US.The pound is an internationally traded currency. I suspect they will temporarily use the pound, and then switch to their own currency in due course pegging it probably to the pound, and then perhaps later on to the Euro.

[chopper]

So what currency will they use? I can't see her being allowed near Sterling.

Sturgeon: Scotland will keep the pound and apply for full EU membership

"The Scottish First Minister tells Sophy Ridge a newly independent Scotland would keep the pound and apply for full EU membership."

So there you go. Scotland* wishes to use the pound and obviously rUK couldn't stop people spending pounds in Scotland. But Scotland, which would be in urgent need of an even weaker currency, wouldn't be able to do anything to achieve that. Rather like Greece being unable to set its own monetary policy based on its vastly different requirements to Germany.


* Obviously I mean a minority of people in Scotland.

[BlasterBates]

How could Scotland in EU possibly work with a hard English / Scottish border?

How could the UK work with a hard UK-EU border ?

If the UK is heading to crash out of the EU without an agreement then it's economic armageddon.

Scotland's choices are

1) Economic armageddon and Boris Johnson appearing on their TV screens every night.
2) Economic armageddon without Boris Johnson.

I know which I would choose.

[LondonManc]

First of all the UK can't stop Scotland using Sterling, in the same way that other countries use the dollar without the consent of the US.The pound is an internationally traded currency. I suspect they will temporarily use the pound, and then switch to their own currency in due course pegging it probably to the pound, and then perhaps later on to the Euro.

Who's their lender of last resort though? LibLabCon have all ruled out a currency union which rules out the BoE.

They could always punch to their own weight and do what Kosovo do and have the Euro as an unofficial currency.

[BlasterBates]

Sturgeon: Scotland will keep the pound and apply for full EU membership

But Scotland, which would be in urgent need of an even weaker currency.

That's what they said about Ireland, but they weren't.

They were growing at around 9% in the last year or so.

Scotland will be immensely successful with the right policies. Sturgeon has made an excellent point that the Scottish government is not in control of economic policy, the UK is.

[northernladyuk]

How could the UK work with a hard UK-EU border ?

If the UK is heading to crash out of the EU without an agreement then it's economic armageddon.

Scotland's choices are

1) Economic armageddon and Boris Johnson appearing on their TV screens every night.
2) Economic armageddon without Boris Johnson.

I know which I would choose.

Firstly, the implications of a hard border for Scotland are significantly greater:

Scotland still conducts the vast majority of its trade within the UK. In 2014, Scotland's exports totalled £76 billion, of which £48.5 billion (64%) was with constituent nations of the United Kingdom, £11.6 billion with the rest of the EU, and £15.2 billion with other parts of the world.

http://en.wikipedia.org/wiki/Economy_of_Scotland

Secondly, just because the UK electorate as a whole has made a decision to drive the red white and blue Brexit battle bus off the white cliffs of Dover, doesn't mean that the Scottish electorate will do something similar (although given the emerging global cretinocalypse, we cannot discount the possibility).

[northernladyuk]

That's what they said about Ireland, but they weren't.

They were growing at around 9% in the last year or so.

Scotland will be immensely successful with the right policies. Sturgeon has made an excellent point that the Scottish government is not in control of economic policy, the UK is.

Ireland isn't a great advertisement for stability, although the economy is doing well right now.

[BlasterBates]

Ireland isn't a great advertisement for stability, although the economy is doing well right now.

But what it demonstrates is that a country doesn't need to devalue to recover from a shock as everyone says.