Scotland and the Euro – the truth
The debate about whether an independent Scotland which joined or remained in the EU would be forced to adopt the Euro – and therefore be liable for a multi-billion-pound contribution to the eurozone bailout fund, the subject of much Unionist scaremongering in recent days – would appear to have reached a definitive end. A letter in today's Scotsman from Drew Scott, Professor of European Union Studies at the University of Edinburgh, backs up a blog on Thursday from SNP activist and EU law graduate Stephen Noon by noting that regardless of current rules which say new members must join the currency, the EU also stipulates that no member can do so without first being a member of the Exchange Rate Mechanism for two years.
ERM participation, however, is not compulsory for new members. And therefore any country joining the EU – whether as a successor state or from scratch – which doesn't want to join the Euro can simply elect to remain outwith the ERM, and therefore put off joining the Euro indefinitely. Noon points to the specific chapter and verse in EU regulations, and Professor Scott backs his conclusion. Scotland CAN join the EU but stay out of the Euro. The argument would seem to be over.
