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But Spud has already pronounced here

An independent Scotland would need its own currency before joining the European Union (EU), a think tank has said after the SNP published its latest blueprint for breaking up Britain.

Angus Robertson, the SNP’s constitution secretary, published the seventh paper in the Scottish Government’s prospectus series on Friday, suggesting that Scotland could join the EU within two to five years of negotiations starting.

All fairly obvious really. But something that amuses. Spud insists this would be good because then they can do MMT. And he wavers between don;t worry about the FX rate and you can control it anyway.

But the EU will insist upon euro membership. And there will also have to be a period of linked FX rates before the switch. This means that Scottish £ monetary policy will have to be devoted to maintaining the FX price. Not to doing the MMT fantasies. Because you cannot fix all three at the same time – your own money supply, your own interest rate and your own FX rate. If the FX rate is fixed then the other two have to be set so as to support that – just like the gold standard.

Which will be fun. Watching a Scottish Chancellor trying to maintain a fixed FX rate against the euro while also enjoying Spud’s freedom with money printing.

6 thoughts on “But Spud has already pronounced here”

  1. An interesting experiment.
    Would the porridge wogs prefer to fuck up their own country and live in poverty for a couple of years while hoping their “First Minister” doesn’t get a taste for ethnic cleansing or put up with Sir Kneel and his wankers?
    Decisions, decisions…

  2. This is just independent wanking, like all the other reports and various forms of bluster. The SNP ought to be scared that Labour will come back in force even with the handicap of Sir Kneel Useless and all the other fruitcakes in his playpen. Perhaps running Scotland competently should be slightly higher on their to-do list.

  3. Why do they need their own currency at all? As they intend to adopt the Euro by joining the EU, just do as Ireland did from 1922 to 1965? and continue to use Sterling while transitioning to the Euro; and then join the EU. There’s plenty of countries that use the Euro without being in the EU.

    Hurry up, stop dawlding, I want to vote to kick them out.

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