ERM – Automatic for the People?
A repeated claim of the Better Together campaign (and a whole lot more) is that “Scotland would have to try and renegotiate an opt out from the Euro”. That’s not true. Actually you’ve got to try and get into it [see Polly Curtis climb down here].
As we enter a prolonged debate about Europe, and the UK and Scotland’s role and attitudes to it, that’s worth clarifying. Did someone ask: what the hell actually is the ERM? Good question.
“The Exchange Rate Mechanism to ensure that exchange rate fluctuations between the euro and other EU currencies do not disrupt economic stability within the single market, and to help non euro-area countries prepare themselves for participation in the euro area. Within the euro area, there is only one currency – the euro – but there are EU countries outside the euro area with their own currencies, and avoiding excessive fluctuations in their exchange rates with the euro or misalignments helps the smooth operation of the single market.” More here.
Thanks to Alex @Jock_Abroad for this … been trying to find a reason to use this headline for years.