Team Brian GB
Baby Cameron loves X-Factor
- Joined
- Jan 11, 2008
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The Irish economy at the back end of the seventies and in the eighties was in trouble so deep that the UK with its problems at the time couldn't even imagine and was the poorest country in northern Europe this side of the iron curtain as it was. The Isle of Man is a micro-economy and is effectively a territory of the UK, Scotland would be independent and does not have a micro-economy and would have the strength to cause great problems for Sterling if they got into trouble - something the Isle of Man never could.The Isle of Mann uses Sterling but prints its own notes. It's not part of the UK, it's a Crown Dependency. I see no reason why this could not be done with Scotland. Also, the Irish Punt was directly linked to Sterling up until around 1979.
Not to mention that was only a few years after the Bretton Woods system was no more when the idea that currency exchange rates freely floating was novel - you wouldn't get that now if you could help it.