From: Philippe Verdy (verdy_p@wanadoo.fr)
Date: Tue Jan 04 2005 - 11:33:09 CST
From: <gpw@uniserve.com>
> I was going to hold comment, but I have to side with Michael.
> In the UK there are 8 banks that still have the right to issue
> currency. 1 in England, 3 in Scotland and 4 in Northern Ireland.
Don't forget also the Pound currencies issued by Manx, Jersey and Guernsey:
they are aligned on the English Pound, but they are still independant, with
their own "central" banks. There are probably other local Pounds aligned on
the English one for other British overseas (but some British overseas use
the Carribean Dollar, depending on their status).
They should have relations similar to the one between the French central
bank (previously with the french franc, now the euro) and the CFP franc
still used in French oversea territories which are not in the E.U; there are
also the comorrean franc and the CFA franc issued by two foreign central
banks in Africa and guaranteed by legal reserves in France (they are linked
now to the euro instead of the french franc, but only guaranteed by the
french government after an agreement with the ECB.)
Well, the british pound is not completely independant of the euro, because
there are still mutual agreements and requirements between the Bank of
England and the ECB regarding its relative stability (and also about some of
the public financial requirements needed by the Treaty of Nice).
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