Bank of England chief wades into Scottish debate

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Associated Press

Posted on January 29, 2014 at 8:32 AM

Updated Wednesday, Jan 29 at 9:04 AM

LONDON (AP) — The governor of the bank of England has waded into the heated question of whether Scotland would be able to use the pound should it vote to become independent, saying it would still have to give up some sovereignty.

Scotland's pro-independence party says it would like to keep the pound and the same monetary policy as Britain if it secedes after a vote in September.

Mark Carney told a group of business leaders in Edinburgh on Wednesday that successful currency unions require some level of common fiscal policy and bank supervision.

Carney says that "In short, a durable, successful currency union requires some ceding of national sovereignty."

Carney stressed this would be a decision for the two parliaments — and that the bank would implement whatever policy they choose.

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