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After Brexit should a plan for a common euro-sterling zone be rolled out in the ROI?

The Field Marshal

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The Brexit now requires that Ireland , acting in her national interest establish a relationship of equality with the EU.

One way to promote this is to establish a twin euro sterling zone in the ROI monitored by the central banks of the UK and Ireland.

Whilst I understand the ECB would oppose any such move there is not much they could actually do about it.
[Ireland has its own highly developed mint and could should she chose to destroy the single currency project]

The British I think would agree to it becuase it would provide an offshore centre for their financial services to conduct operations in euros and sterling.

Indeed I think we in Ireland should have adopted such an arrangement long ago.
I believe it could bring immense benefits to the ROI and .
such an exclusive local arrangement may even help stabilize the euro itself.

What do other posters think and would such a proposal be worthwhile for the ROI and for the UK?

http://www.frbsf.org/economic-research/files/wppb99-07.pdf
Forbes Welcome
https://ideas.repec.org/a/sgh/gosnar/y2014i2p5-23.html
 


blokesbloke

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What would it entail exactly? Prices in euros and sterling and people using whichever currency they fancied?
 

The Field Marshal

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The EU won't let us do it
They can not stop us doing it.

Our national interest may require it to forestall the EUs plans to re-erect the NI border.
 

The Field Marshal

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What would it entail exactly? Prices in euros and sterling and people using whichever currency they fancied?
Yes.
Twin marked euro-sterling prices on all goods purchased in the ROI.

The exchange rate would be fixed and agreed between the central banks of both states.
 

Accidental sock

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I propose magic beans!!!!
 

Sister Mercedes

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We may need to re-erect the NI border to stop millions of English refugees crossing it. Too bad we haven't invested any money on defense.
 

The Field Marshal

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They can. We would be kicked out of the EU if we tried to set monetary policy on our own.
We are not setting any monetary policy merely deciding locally what the fixed exchange rate for sterling euro conversion is in the 26 counties.

It is purely a local matter.
 

johnnypockets

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We are not setting any monetary policy merely deciding locally what the fixed exchange rate for sterling euro conversion is in the 26 counties.

It is purely a local matter.
The euro currency is backed by all countries in the monetary union. We can't decide on our own what that is worth against sterling.
Its not purely a local matter.
 

Nemesiscorporation

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The Brexit now requires that Ireland , acting in her national interest establish a relationship of equality with the EU.

One way to promote this is to establish a twin euro sterling zone in the ROI monitored by the central banks of the UK and Ireland.

Whilst I understand the ECB would oppose any such move there is not much they could actually do about it.
[Ireland has its own highly developed mint and could should she chose to destroy the single currency project]

The British I think would agree to it becuase it would provide an offshore centre for their financial services to conduct operations in euros and sterling.

Indeed I think we in Ireland should have adopted such an arrangement long ago.
I believe it could bring immense benefits to the ROI and .
such an exclusive local arrangement may even help stabilize the euro itself.

What do other posters think and would such a proposal be worthwhile for the ROI and for the UK?

http://www.frbsf.org/economic-research/files/wppb99-07.pdf
Forbes Welcome
https://ideas.repec.org/a/sgh/gosnar/y2014i2p5-23.html

Here is a suggestion to all the Brexit supporters. Grow up, get out of Europe and leave us alone. We have enough problems without taking on Englands problems as well.
 

The Field Marshal

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Here is a suggestion to all the Brexit supporters. Grow up, get out of Europe and leave us alone. We have enough problems without taking on Englands problems as well.
But I was hoping Britain would stay.

We are staying so the best way to protect our relationships with both the UK and the EU is to now generate a twin euro/sterling currency zone in the 26 counties.

The advantages to all are gigantic.
 

Accidental sock

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But I was hoping Britain would stay.

We are staying so the best way to protect our relationships with both the UK and the EU is to now generate a twin euro/sterling currency zone in the 26 counties.

The advantages to all are gigantic.
...but it makes no sense.
 

johnnypockets

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You cannot decide monetary policy for a currency unless the stakeholders of that currency agree.
 

GDPR

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Yes.
Twin marked euro-sterling prices on all goods purchased in the ROI.

The exchange rate would be fixed and agreed between the central banks of both states.
The central bank of the Euro is the ECB . How do you propose we set the rate between sterling and euros ? Its possible between the Punt and Sterling but not Sterling and the Euro.
 

The Field Marshal

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You cannot decide monetary policy for a currency unless the stakeholders of that currency agree.
We and the british are both stakeholders, we are not deciding policy merely the local exchange rate in Ireland only.

It is a local decision only applicable to the territory of the 26 counties and nowhere else.
 

The Field Marshal

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The central bank of the Euro is the ECB . How do you propose we set the rate between sterling and euros ? Its possible between the Punt and Sterling but not Sterling and the Euro.
The Irish central bank simply agrees a fixed exchange rate between sterling and euros for all transactions occurring in the 26 county state.
 

johnnypockets

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We and the british are both stakeholders, we are not deciding policy merely the local exchange rate in Ireland only.

It is a local decision only applicable to the territory of the 26 counties and nowhere else.
But its not in Ireland only as the euro is not in Ireland only.
 

silverharp

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Jan 21, 2015
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The Irish central bank simply agrees a fixed exchange rate between sterling and euros for all transactions occurring in the 26 county state.
you are insane , have you heard of arbitrage? the euro and sterling float against each other
 


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