- Any currency arrangement has to be credible
- Re-iterates that some sovereignty would need to be ceded in a currency union
- Repeats that eurozone needs to build deeper fiscal links across countries to confirm a credible euro
- A lesson from the euro crisis is a need for fiscal arrangements
- Says BOE has contingency plans for Scottish independence
- Lender of last resort status is based on where firms are headquartered ( BOE would cover HQ’s in England/rest of UK, Scotland would be responsible for Scottish based HQ’s)
That last comment will be one of the issues that faces where banks and financial firms set up or indeed move to if the Scots go independent
