sterling area

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Related to Sterling zone: sterling bloc

sterling area

a group of countries (predominantly ex-British colonies) whose own national currencies were formerly linked directly to the value of the British POUND and who held STERLING as part of their INTERNATIONAL RESERVES
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References in periodicals archive ?
I think it would be appropriate for the idea to be resurrected and implemented now, so that we have stable arrangements for the sterling zone that would be unaffected by any future constitutional change.
It would take two sides, Scotland and the UK, to agree before a sterling zone could operate.
Scotland's Future outlines post-independence proposals, including a sterling zone, EU membership and defence.
Salmond insisted that the Tory Chancellor was bluffing when he ruled out a shared sterling zone between the rest of the UK and a go-it-alone Scotland.
For example, the exclusion of 90 per cent of North Sea oil from the sterling zone would mean an enormous trade deficit for the rest of the UK, which would have a crippling effect on sterling and the UK economy.
The Scottish Government have already set out their blueprint for retaining the pound if there is a Yes vote, creating a sterling zone with the rest of the UK.
THERE are several currency options for an independent Scotland: Sterling zone - The idea proposed by Alex Salmond after the euro collapsed.
WE told you yesterday that Bank of England governor Mark Carney said a sterling zone would mean Scotland giving up national sovereignty.
A sterling zone or currency union between two separate countries would amount to less, not more, financial and tax independence for Scotland.
Second, the sterling zone is described by many as an optimal currency area because of the fact the economy of Scotland and the economy of the United Kingdom perform at similar level and therefore there is an effective fit.