Scotland’s First Minister Says UK Should Share Currency

March 17, 2014 Share Print 0

Scotland’s first minister has said a shared currency after independence would be the best option for Scotland and the rest of the UK.

Alex Salmond said a range of options on the currency had been set out by his expert panel but a shared Sterling union was the one it recommended.

He said if the UK claimed ownership of the currency it would also be liable for Scotland’s share of national debt.

UK Chancellor George Osborne again said a currency union would not happen.

Mr Osborne appeared on the BBC’s Andrew Marr Show along with the Labour shadow chancellor Ed Balls who has agreed with the Tory chancellor that a currency union would not be negotiated should Scotland vote for independence in September’s referendum.

After the programme, Mr Salmond’s party, the SNP, said there were “questions for the BBC to answer” over remarks made by the presenter about Scottish membership of the EU.

Mr Salmond was asked about comments by European Commission President Jose Manuel Barroso, who previously said it would be “extremely difficult, if not impossible” for an independent Scotland to join the EU.

After Mr Salmond responded to the question, Andrew Marr said: “I think it would be quite hard to get back in, I have to say.”

via BBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.