Independent Scotland must cede some sovereignty to keep sterling

Mark Carney
Mark Carney, Bank of England

If Scotland is to become an independent country but retain sterling as its currency, it will need to cede some measure of national sovereignty back to the UK, the governor of the Bank of England warned today.

Speaking at an event hosted by the Scottish Council for Development and Industry in Edinburgh, Mark Carney noted that "a durable, successful currency union requires some ceding of national sovereignty", adding that "effective currency unions tend to have centralised fiscal authorities".

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