Topic: | Does Scotland have to rejoin the EU? | |
Posted by: | Paul Pryce | |
Date/Time: | 17/03/17 16:10:00 |
It is early days in all this but it is probably that Scotland won't apply to rejoin the EU should it gain independence. What it will do is remain part of the European Economic Area and the single market. The downside of this will be that it will lose any regional funding it currently gets from the EU and won't have any input into the formulation of the regulations that governs its trade. However it also won't have to join Schengen or the Euro. The problem with joining the Euro is that with the UK aggressively depreciating their currency (and more falls likely if the Brexit negotiations don't go well) the Scottish economy would be put under huge pressure and the advantages of being in the single market would be offset. It may be that the EU recognises Scotland as a special case and fast tracks it back in despite them not meeting the fiscal criteria and not taking on the Euro. People are still talking about Spain vetoing their admission despite the Spanish being quite explicit that they would not necessarily object. However just being part of the customs union would put it in much the same position as Switzerland and Norway as will as some of the Balkan countries. |