The real question to my mind is who or what would to be the lender of last resort for an independent Scotland.
If Scotland were to keep the pound and the lender of last resort were to be the Bank of England the you can be sure the Bank of England and the Government of the remaining UK are going to want control over Scotland's ability to issue government debt.
If the lender of last resort were to be a Scottish institution then the interest rate Scotland would be charged for government borrowing would be separate from the rate the remaining UK government would be charged. This would effectively mean two currencies because Scottish government debt could not be directly changed for remaining UK government debt.
If Scotland want's to be independent it needs it's own currency and gets all that goes with that - warts and all!
If Scotland were to keep the pound and the lender of last resort were to be the Bank of England the you can be sure the Bank of England and the Government of the remaining UK are going to want control over Scotland's ability to issue government debt.
If the lender of last resort were to be a Scottish institution then the interest rate Scotland would be charged for government borrowing would be separate from the rate the remaining UK government would be charged. This would effectively mean two currencies because Scottish government debt could not be directly changed for remaining UK government debt.
If Scotland want's to be independent it needs it's own currency and gets all that goes with that - warts and all!
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