mercredi, janvier 29, 2014

Mark Carney: Edinburgh Speech on Currency Unions

PDF of Speech HERE
Webcast of Speech HERE (Flash required)

Webcast of post Speech Press Conference (YouTube)
(Alternative source HERE - Flash required)

Carney visit adds to good week for Yes Scotland
by Gordon MacIntyre-Kemp (29 Jan 2014)
Mark Carney and Alex Salmond
Mark Carney, the Governor of the UK’s Central Bank, visited Edinburgh today to discuss technical issues surrounding the establishment of a currency area after independence.

It follows an independent Scotland on Sunday opinion poll which shows momentum with independence campaigners with a 5% increase in Yes support putting Yes Scotland in striking distance of victory.

Mark Carney’s position is politically independent, so his focus is not the politicking but rather on ensuring the strength of the economy across all areas that use the pound sterling.

These latest in a series of preparatory technical discussions signal an important step in ensuring sensible monetary structures in the common interests of business north and south of the border after independence. They also demonstrate that the continuation of the sterling union is being taken seriously by those who understand the technical details. So much for a “policy dead in the water” as suggested recently by No campaigners.

In his speech Mr Carney stated that the Central Bank would implement a currency union, following negotiations between Scotland and the rest of the UK.
Read full Business for Scotland article HERE

Bank of England will implement any currency agreement says Carney
by Martin Kelly (29 Jan 2014)
The Governor of the Bank of England has said that the institution will implement any currency arrangement negotiated between a newly independent Scotland and the remainder of the UK.

Mark Carney was speaking at a press conference given during his visit to Scotland in which he met with First Minister Alex Salmond.

Speaking to business leaders, Mr Carney listed out some of the possible advantages and disadvantages of a currency agreement between the rest of the UK and an independent Scotland.  The Bank of England Chief told his audience that a currency union could work but that safeguards would have to be agreed between both sides which would mean the ceding of some power.

In his speech, that the Canadian was at pains to stress was neither an argument in favour of or against independence, Mr Carney spelled out some of the technical issues that a currency union would be required to address.

Read full Newsnet Scotland article HERE
Mark Carney is someone an independent Scotland can do business with
by George Kerevan (02 Feb 2014)
WHO made the following positive statements about the potential of a currency union between an independent Scotland and rUK?
"…it eliminates the transactions costs associated with using, and switching between, different currencies…Sharing a currency can promote investment by reducing uncertainty about currency movements and giving businesses access to deeper, more liquid financial markets… Sharing a currency can also help to increase the mobility of labour and capital, raise trade in goods and services, and improve the flow of technology and ideas."
Answer: Mark Carney, Governor of the Bank of England.  Speaking in Edinburgh on 29 January – not that you would have guessed this was his position if you read the next morning's London press headlines.

Read full Newsnet Scotland article HERE