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Scotching the Eurozone

LONDON – Which of the following events is more likely to happen this year: Scotland votes to secede from the United Kingdom in its September referendum, or at least one country decides to leave the eurozone? Conventional wisdom suggests that Scottish independence is possible, albeit not very likely, while any country’s departure from the single currency is fanciful.

But the decisions that Scotland would have to make about its monetary arrangements in the months following a vote for independence are at least as likely to be confronted by some eurozone countries over the next couple of years. In fact, there is a natural link between the two situations.