Can Scotland extract itself from the Bank of England?

Today the Treasury has released a report on the potential currency arrangements for an independent Scotland. Here, I will leave aside the issues of who ‘owns’ the Bank of England and who owns the ‘rights’ to produce the pound sterling. I will also assume that existing currency arrangements will continue in relation to banking regulation, the functions of the central bank and so on. However, for the record, I fail to see why Scotland could vote to be independent of the UK and then choose to take with it ‘its share’ of the Bank of England (though some readers might feel that Scotland is welcome to all of this institution founded, in fact, by a Scot).

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Source: http://www.iea.org.uk/blog/can-scotland-extract-itself-from-the-bank-of-england

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