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In reply to the discussion: RBS will leave Scotland if voters back independence [View all]FrodosPet
(5,169 posts)59. Who can join and when?
http://ec.europa.eu/economy_finance/euro/adoption/who_can_join/index_en.htm
Why are there conditions for entry to the euro area?
The process of building Europe is one of progressive integration. The single market for goods, services, capital and labour, launched in 1986, was a major step in this direction. Economic and Monetary Union and the euro take economic integration even further, and to join the euro area Member States must fulfil certain economic and legal conditions.
Adopting the single currency is a crucial step in a Member State's economy. Its exchange rate is irrevocably fixed and monetary policy is transferred to the hands of the European Central Bank, which conducts it independently for the entire euro area. The economic entry conditions are designed to ensure that a Member State's economy is sufficiently prepared for adoption of the single currency and can integrate smoothly into the monetary regime of the euro area without risk of disruption for the Member State or the euro area as a whole. In short, the economic entry criteria are intended to ensure economic convergence they are known as the 'convergence criteria' (or 'Maastricht criteria') and were agreed by the EU Member States in 1991 as part of the preparations for introduction of the euro.
In addition to meeting the economic convergence criteria, a euro-area candidate country must make changes to national laws and rules, notably governing its national central bank and other monetary issues, in order to make them compatible with the Treaty. In particular, national central banks must be independent, such that the monetary policy decided by the European Central Bank is also independent.
The Member States which were the first to adopt the euro in 1999 had to meet all these conditions. The same entry criteria apply to all countries which have since adopted the euro and all those that will in the future.
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Well, no - BoS is a subsidiary of Lloyds, and Clydesdale said they'd do the same thing
muriel_volestrangler
Sep 2014
#46
It's complicated, but independence wouldn't mean any automatic loss
muriel_volestrangler
Sep 2014
#60
I don't know; I would have expected something like that for Lloyds and RBS
muriel_volestrangler
Sep 2014
#75
My point (and Lenomsky's, I think) is that splitting the Scottish and rUK business
muriel_volestrangler
Sep 2014
#80
Tremendous uncertainty re rights to North Sea Oil,membership in NATO/EU/UN, currency, etc.
Divernan
Sep 2014
#5
Change does bring uncertainty - a lot of it in this case. Tough to balance the fear of change
pampango
Sep 2014
#10
Good point. Norwegians have the freedom of movement, trade and work within Europe that
pampango
Sep 2014
#37
Scottish vote prompts demands for more independence for Wales, No. Ireland & England as well.
Divernan
Sep 2014
#13
Iceland didn't honor its deposit insurance (like the FDIC);cost savers and creditors billions.
Divernan
Sep 2014
#27
This is about the bank credit ratings and the need for all banks to keep reserves.
amandabeech
Sep 2014
#35
Well, imagine Texas decideds to secede. Ya think some corporations headquartered there might
Adrahil
Sep 2014
#55
I would say that stating their plans now in the event of a Yes vote is a good thing.
Nye Bevan
Sep 2014
#63