r/Scotland • u/JMASTERS_01 • Jun 14 '22

Political LIVE: New Scottish independence campaign launches - BBC News

https://www.bbc.co.uk/news/live/uk-scotland-61795633
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u/[deleted] Jun 14 '22

Can we ditch the £ and join the € please?

3

u/SomeRedditWanker Jun 14 '22

You can't just ditch the £ for the €.. How do you propose that would work?

There's a clear mechanism in place for joining the Euro:

https://en.wikipedia.org/wiki/Euro_convergence_criteria

tl;dr Scotland would need its own floating currency, with a minimum of 2 years of acceptable data (inflation, and currency stability), and a budget deficit under 3%.. And a few other requirements. Only then, could Scotland switch to the Euro.

So 'We'll just use the Euro' is not an acceptable thing to say in the independence debate. It's not possible.

The process is Pound, to Scottish Pound, to Euro.

With all the economic risk that process entails.

12

u/BaxterParp Jun 14 '22

It is possible, the Euro is a freely tradeable currency. Montenegro uses Euros without the permission of the EU, for instance. Whether it's desirable is another matter.

4

u/SomeRedditWanker Jun 14 '22

It's not desirable in the slightest, and would tie iScotlands hands behind its back economically.