sterling area

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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
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
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Mr Salmond hit back, saying: "This is a concerted bid by a Tory-led Westminster establishment to bully and intimidate - but their efforts to claim ownership of sterling will backfire spectacularly in reaction from the people of Scotland, who know the pound is as much theirs as it is George Osborne's.'' The Scottish Government First Salmond has previously set out its blueprint for retaining the pound if people vote for independence, creating a "sterling zone" with the rest of the UK.
The same report also claimed if a "sterling zone" was established, both governments would need to agree for the Scottish banks to be able to continue to issue pound notes.
"Which means that whatever the constitutional future of Wales, we will remain a part of the sterling zone for the foreseeable future."
The creation of a sterling zone is just one of four options for currency in an independent Scotland, according to the report.
He added: "It is only with political union and the fiscal sharing it allows that the sterling zone is a credible currency arrangement for Scotland.
The report, to be published today, casts doubt over whether a deal could be reached to establish a "sterling zone" between an independent Scotland and the rest of the UK.
And they said Salmond's threat to not pick up Scotland's share of UK national debt unless they are allowed into a sterling zone could damage the country's chances of joining the European Union.
THE sterling zone should be reformed, with Wales given a place on the Bank of England's Monetary Policy Committee (MPC) one of Plaid Cymru's rising stars has argued.
Ed Balls yesterday said he would rather resign as chancellor than negotiate a currency union that would mean an independent Scotland could use the pound in a sterling zone.
Part of the longer-term plan should be to seek more balanced economic development across the regions of Europe and to halt the draining away of talent and wealth creation from the more peripheral regions of the EU, a phenomenon Wales has long experienced as part of the "Sterling Zone".
Scotland's Future outlines proposals after independence, including a sterling zone, EU membership and defence.
Scotland's Future outlines post-independence proposals, including a sterling zone, EU membership and defence.