Posted: 13/09/2014 at 14:10
300 years of the union of crowns as well as the United States shows you that
1) Monetary union, if bolstered by political and fiscal union is perfectly workable
On the other hand, 20 years of monetary coordination/union in Europe shows you that
2) MOnetary union, without political, cultural and fiscal union is fraught at best, and possibly doomed to failure. .
The Euro has probably been a success overall.
I hope you are not making the mistake of blaming the euro for the recent financial crisis. The Euro seems to have survived the recent meltdown.
The euro did not cause that meltdown. That was a product of the finacial indusrty that is making a big deal about changing a few of their postal addresses from edinburgh to London. That financial meltdown was enabled by the laissez-faire of the Thatcher and her heirs (Blair, Brown, Cameron). And to be fair to Thatcher, the deregulation that enabled the meltdown was after her watch, not on her watch.
The westminister politicians would be better served coming up with a better framework for the role of financial services in the nation's life, rather than crying crocodile tears about scotland.
The recent crisis caused by the finacial industry has imposed more of a cost on the country than Scotland's independence will. Where is the indignation, the outrage, the instant experts? Nowhere. Financial services is largely unchanged - it's just that we've been made to pay for it. All the recent woes get blamed on immigrants - suits the bigots, and works as a nice easy understandable concept that anyone can grab hold onto.