A few months ago a German magazine phoned me to talk about Scotland leaving the UK. The
reporter had bought the SNP line that Scottish independence was a practical proposition, and that Scotland could survive and indeed flourish as an independent state in the Eurozone.
But, I told her, the Royal Bank of Scotland and the Bank of Scotland, which were meant to be leading Scotland’s charge to become a Celtic tiger economy, have collapsed. ‘Does the EU really want another country with a failed financial system? Try selling that to the readers of Bild.’
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On the BBC on Sunday, Alex Salmond became increasingly tetchy when John Sopel questioned him about a Scottish future in the Eurozone. ‘I think there are good arguments for joining the euro, but you can only do that when the euro system was stabilised and only when it was to Scotland’s economic advantage,’ he said before going on to tie himself in knots.
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