Bank of England chief wades into Scottish debate

[unhappycamper]

http://www.thenewstribune.com/2014/01/29/3017641/bank-of-england-chief-wades-into.html



Bank of England governor Mark Carney, left, meets Scottish First Minister Alex Salmond as he arrives at Bute House in Edinburgh for face-to-face talks for the first time Wednesday Jan. 29, 2014. Carney is also giving a speech in tEdinburgh, in which the issue of a currency union between an independent Scotland and the rest of the Britain will be addressed.

Bank of England chief wades into Scottish debate
By DANICA KIRKA
Associated Press
January 29, 2014 Updated 35 minutes ago

LONDON — The governor of the Bank of England on Wednesday waded into the delicate question of whether Scotland would be able to use the pound should it become independent, saying a successful currency union would require giving up some sovereignty.

Independence advocates say they want to continue to use the pound as the country's currency if the Scottish people vote for separation this year.

Mark Carney warned that successful currency unions still require some level of common fiscal policy and bank supervision. The recent debt crisis in the countries sharing the euro shows the risks of what can happen if those measures aren't put into place, he said.

"In short, a durable, successful currency union requires some ceding of national sovereignty," Carney said at a meeting in Edinburgh of the Scottish Council for Development and Industry.