30 Jan 2014
Flash: Carney speaks on Scottish Independance - Investec
FXstreet.com (Barcelona) - Jonathan Pryor, Corporate Treasury Analyst at Investec reflects on BoE Governor Carney’s recent speech in Scotland.
Key Quotes
"Looking at the UK, Mark Carney did a good job negotiating a field of egg shells, in discussing the requirements and technical implications of sharing the pound, should Scotland opt for independence.”
He presented a balanced view for both sides and in summary stressed that that highly mobile capital and labour, a proper banking union including fiscal backstops and some shared fiscal arrangements would be critical for the union to work.”
“In short pretty much the opposite to the euro zone! He also made the point that a successful currency union would involve some ceding of national sovereignty."
Key Quotes
"Looking at the UK, Mark Carney did a good job negotiating a field of egg shells, in discussing the requirements and technical implications of sharing the pound, should Scotland opt for independence.”
He presented a balanced view for both sides and in summary stressed that that highly mobile capital and labour, a proper banking union including fiscal backstops and some shared fiscal arrangements would be critical for the union to work.”
“In short pretty much the opposite to the euro zone! He also made the point that a successful currency union would involve some ceding of national sovereignty."