Would an independant Scotland be forced to join the Euro?

[Castiel]

Which can be equally said of now.

Is not Scotland part of the United Kingdom and therefore part of and have influence over the institutions and policies that make up the UK, including Monetary Policy through the Bank of England's twelve agencies which includes Scotland?

 

[Biohazard]

Is not Scotland part of the United Kingdom and therefore part of and have influence over the institutions and policies that make up the UK?

The bank has no specifically Scottish representation. It is to act in the UK's interest, which lets face it, is English interests. The idea that Scotland, or Scottish issues ride high on the agenda is quaint.

 

[Castiel]

The bank has no specifically Scottish representation. It is to act in the UK's interest, which lets face it, is English interests. The idea that Scotland, or Scottish issues ride high on the agenda is quaint.

See edit. It does have specific representation. The Scotland Agency of the BoE gives a monthly assessment to the MPC, therefore influencing the MPC and having input into the policies of the MPC.

 

[Biohazard]

See edit. It does have specific representation. The Scotland Agency of the BoE gives a monthly assessment to the MPC, therefore influencing the MPC and having input into the policies of the MPC.

That isn't influence, it's an instrument to gauge information to feed into the decision making process. Not that process itself. It's an economic survey.

 

[Stretch]

The bank has no specifically Scottish representation. It is to act in the UK's interest, which lets face it, is English interests. The idea that Scotland, or Scottish issues ride high on the agenda is quaint.

Scotlands interests are specifically represented. Data from Scotland is used to determin intrest rates the same as any other part of the UK.

Many parts of Englnad have far more in common economically with parts of scotland than the rest of the UK and visa versa. Rates are set to give the most equitable outcome for all.

That isn't influence, it's an instrument to gauge information to feed into the decision making process. Not that process itself. It's an economic survey.

Yes, it's not a politacal desison, they're economists. You can't have braveheart on the MPC. Sorry.

 

[Castiel]

That isn't influence, it's an instrument to gauge information to feed into the decision making process. Not that process itself. It's an economic survey.

How do you think you influence decision making?

 

[Biohazard]

Scotlands interests are specifically represented. Data from Scotland...

That isn't Scottish representation in the monetary policy committee.

That's just common bloody sense.

It's clear that the vacuous 'you'll lose your BoE influence' is baseless, if it were to act in Scotland's interests as opposed to England's right now it would surely be a dereliction of its duties.

Many parts of Englnad have far more in common economically with parts of scotland than the rest of the UK and visa versa. Rates are set to give the most equitable outcome for all.

I'm not so sure, we're the second most prosperous nation and third most prosperous region in the UK. There have been concerns raised about the impact of a strong Scottish economy close to the North of England, and how it would continue to be able to compete particularly by way of investment should Scottish Independence provide an acceleration of that.

Yes, Scotland isn't quite London. Even a BBC commentator came out with an article at least topically suggesting that the whole of the UK should seek independence from London, or vice versa depending on how you look at it.

That's unlikely to happen anytime soon however, and in the mean time we will continue to have a system in place that by the shear scale of things means that distinctly Scottish issues are unlikely to feature in the framework decisions being made.

Yes, it's not a politacal desison. You can't have brave heart on the MPC. Sorry.

There are political feeds into the BoE, and the remit is certainly communicated. Which is fine, telling Scotland that it risks loosing influence there is completely vacuous because all anyone can point to is 'data'. I'm sure the meter readers will continue after Scottish Independence.

 

[dowie]

Read the entire discussion that relates to this in SC and the context in which it was made way back last year before judging what has been said.

I'm simply responding to a comment in this thread about two commercial banks somehow being obvious choices to form a central bank. I'm not going to go off and read some other discussion elsewhere...

 

[Biohazard]

How do you think you influence decision making?

In this context, notwithstanding remit & priorities that arguably aren't Scottish anyway, you don't. That's the point.

 

[Castiel]

In this context, notwithstanding remit & priorities that arguably aren't Scottish anyway, you don't. That's the point.

You mean you ignore the existence of the BoE Agencies and their influence on MPC policy because it doesn't suit your argument...

 

[Castiel]

I'm simply responding to a comment in this thread about two commercial banks somehow being obvious choices to form a central bank. I'm not going to go off and read some other discussion elsewhere...

Then perhaps you should, then you would perhaps have a better idea why such established institutions, particularly the Bank of Scotland are valid choices for forming the basis of a central established bank, given their history and established credentials.

 

[dowie]

Then perhaps you should, then you would perhaps have a better idea why such established institutions are valid choices for forming the basis of a central established bank.

I'm not seeing it... I don't think you understand that these are rather different types of institution.

 

[Biohazard]

You mean you ignore the existence of the BoE Agencies and their influence on MPC policy because it doesn't suit your argument...

One agency, 1/12th of the committee's "eyes and ears" for 10% of the economy. If you want to look at the function of those agencies as influence, and Scottish representation in the 'decision making process', then off you go.

It's not that it doesn't suit my argument, it's not really got anything to do with it. The existence of a BoE agent that has remit for business assessment and consultation in Scotland doesn't mean that Scotland has influence on that committee itself.

 

[Castiel]

That isn't Scottish representation in the monetary policy committee.

The Agencies are the 12 regions representation, of which one is Scotland...the MPC makes policy for the UK, which includes Scotland and the data supplied by the businesses and people of Scotland through its Agency is part of that policy.

Like it or not, it is representation and it is also not 'equally so' as you stated in your response to AGD.

 

[Castiel]

One agency, 1/12th of the committee's "eyes and ears" for 10% of the economy. If you want to look at the function of those agencies as influence, and Scottish representation in the 'decision making process', then off you go.

It's not that it doesn't suit my argument, it's not really got anything to do with it. The existence of a BoE agent that has remit for business assessment and consultation in Scotland doesn't mean that Scotland has influence on that committee itself.

http://www.bankofengland.co.uk/monetarypolicy/Documents/agencypamphlet.pdf

Each month the Agencies hold a series of discussions with businesses – one-to-one meetings with individual firms, small groups of business people and larger meetings – to assess current business conditions and the outlook.

The Agencies are the Bank’s ‘eyes and ears’, providing information about trends and developments affecting demand, costs and prices, employment, investment, exports and imports, based on the experiences of individual businesses.
Each Agency provides a monthly assessment to the MPC about business conditions, helping the MPC form a view on the likely path of the economy and inflation.

These meetings also give the Agents the opportunity to feed back and explain the Bank’s views on the economy, and to build understanding of the monetary policy framework and the case for low inflation. As well as receiving information from the Bank’s Agencies, members of the MPC make regular visits to different parts of the country. These regional visits provide MPC members with first-hand experience of developments in the economy, as well as offering an opportunity to explain their views and interest rate decisions.

I would say that there is significant influence in what the agencies do and that they hold significant influence on MPC policy decisions.

 

[Biohazard]

The Agencies are the 12 regions representation, of which one is Scotland...the MPC makes policy for the UK, which includes Scotland and the data supplied by the businesses and people of Scotland through its Agency is part of that policy.

Like it or not, it is representation and it is also not 'equally so' as you stated in your response to AGD.

It's operational delivery, they have to know what the outlook is for the economy and relay that to stakeholders and the business community. I've never contended that the BoE operated blind as to Scotland or other 'regions' of the UK, but it isn't influence or representation with regards to the decision making process of the MPC. It's 'data'. The main interests of the UK economy are clearly elsewhere, which is perfectly fine if we aren't told that somehow we're going to lose this much fabled influence with some sort of implication that we'll be worse off for it.

 

[Biohazard]

http://www.bankofengland.co.uk/monetarypolicy/Documents/agencypamphlet.pdf

Thank you for quoting back to me a link I gave to you.

I will now, quote it back to you highlighting a few certain nuances..

Each month the Agencies hold a series of discussions with businesses – one-to-one meetings with individual firms, small groups of business people and larger meetings – to assess current business conditions and the outlook.

The Agencies are the Bank’s ‘eyes and ears’, providing information about trends and developments affecting demand, costs and prices, employment, investment, exports and imports, based on the experiences of individual businesses.
Each Agency provides a monthly assessment to the MPC about business conditions, helping the MPC form a view on the likely path of the economy and inflation.

Is this the influence we would lose?

These meetings also give the Agents the opportunity to feed back and explain the Bank’s views on the economy, and to build understanding of the monetary policy framework and the case for low inflation. As well as receiving information from the Bank’s Agencies, members of the MPC make regular visits to different parts of the country. These regional visits provide MPC members with first-hand experience of developments in the economy, as well as offering an opportunity to explain their views and interest rate decisions.

Is that the influence we would lose? Maybe its me, but I still can't see anything that I wouldn't expect and still no sight of this alluded influence and representation.

I think the four committee members thrown in by the Westminster Government of the day would be good at representing something mind you.

I would say that there is significant influence in what the agencies do and that they hold significant influence on MPC policy decisions.

Significant? When even taking it at such silly apparent face value, it is clearly under-representation at best. Even then, it's all pointless anyway as the current arrangements would likely prevail in the advent of Scottish independence.

 

[Castiel]

It's operational delivery, they have to know what the outlook is for the economy and relay that to stakeholders and the business community. I've never contended that the BoE operated blind as to Scotland or other 'regions' of the UK, but it isn't influence or representation with regards to the decision making process of the MPC. It's 'data'. The main interests of the UK economy are clearly elsewhere, which is perfectly fine if we aren't told that somehow we're going to lose this much fabled influence with some sort of implication that we'll be worse off for it.

It's representative data that influences the decision making process within the MPC.

AGD was pointing out that MPC policy would no longer need to consider, or indeed have the processes to consider Scottish Economic factors in the advent of Independence, to which you replied..."Which can be equally said of now.", a statement that is not true, whether you believe MPC priorities lie elsewhere in the UK or not.

 

[Biohazard]

It's representative data that influences the decision making process within the MPC.

So Scotland is set to lose representative data on the advent on Scottish independence?

This is the long alluded to influence, being in amongst twelve reports handed over to a grand committee.

Scary stuff.

AGD was pointing out that MPC policy would no longer need to consider, or indeed have the processes to consider Scottish Economic factors in the advent of Independence, to which you replied..."Which can be equally said of now.", a statement that is not true, whether you believe MPC priorities lie elsewhere in the UK or not.

He said Scotland "would have no say over it [the pound]".

I still stand by my response, Scotland doesn't have a say over it now and never will.

 

[Castiel]

I will now, quote it back to you highlighting a few certain nuances..

Nuances which underline the very point being made, Scottish economic and business conditions are represented within the MPC policy making process as part of the UK.

Significant? When even taking it at such silly apparent face value, it is clearly under-representation at best. Even then, it's all pointless anyway as the current arrangements would likely prevail in the advent of Scottish independence.

Would they? Why would the BoE have to consider a foreign nations economic needs in setting UK monetary policy?

It may be under-represented (although how you would evaluate that objectively remains to be seen) but it is represented. Something you disputed.