Constitution for Scotland Public Consultation Hub

Section 8.3. There shall be a Constitutional Monetary Authority (CMA) holding ultimate responsibility for the administration of the National Currency. It will be independent of the legislative and executive branches of the Government. Its members will be nominated by a Public Appointments Commission and appointed by Parliament by a simple majority vote in a secret ballot. The CMA shall be funded by making its own requisition upon the normal revenues of the State.

Proposed Amendments to Section

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Original Version

  • Avatar admin
    Administrator #1  •  2020-08-16 22:37:39

    Section 8.3. Section 8.3. There shall be a Constitutional Monetary Authority (CMA) holding ultimate responsibility for the administration of the National Currency. It will be independent of the legislative and executive branches of the Government. Its members will be nominated by a Public Appointments Commission and appointed by Parliament by a simple majority vote in a secret ballot. The CMA shall be funded by making its own requisition upon the normal revenues of the State.

      • Jim Osborne

        Section 8.3. the administration of a sovereign currency is undertaken by a national Central Bank - the name "Scottish Reserve Bank" has been proposed elsewhere (see the "Scottish Reserve Bank" website https://www.reservebank.scot/#gsc.tab=0 The Central Bank MUST NOT BE independent of Parliamentary control - it is essentila that the Central Bank be accountable to Parliament.

        No responses

Proposed Amendment to Section 8.3.

  • Jim Osborne

    The Scottish Central Bank

    Section 8.3. 8.3 There shall be a Scottish Reserve Bank, acting as Scotland's central bank, responsible for the administration of the National Currency and for implementing policy as instructed by the elected Government. It will be accountable to the legislative and executive branches of the Government. Its members will be nominated by a Public Appointments Commission and appointed by Parliament by a simple majority vote in a secret ballot.

      • Arfem

        Section 8.3. This is the present Bank of England, Federal Reserve & ECB arrangement – a bankers’ Central Bank, and all supposedly accountable to elected government… and look at the chaos, corruption and social injustice. Even the most honest politicians need the protection of the Constitution from these people. We have an independent Judiciary, we can have an independent Monetary Authority – both accountable to ALL the Citizens under the Constitution..

          • Jim Osborne

            Section 8.3. What do you mean by "independent" then? A Central Bank can't be both "independent" and "accountable". If it is accountable to all citizens under the provisions set out elsewhere in this draft Constitution then it is accountable to them via Parliament. The BoE, the Fed and the ECB all have a quasi legal "independent" status (although whether it is real independence or illusory is a moot point). Giving a central bank "independence" means effectively leaving it under the control of the bankers.... of course the GOP in the USA and the Tories in the UK are quite happy to do that....its the bankers that bankroll them. And, as anyone who has followed the Greek debt crisis fiasco will know, the remit of the ECB within the Eurozone is a disaster.

            No responses
          • Tim Rideout

            Section 8.3. The only sensible option here is as Jim says and that is the Scottish Reserve Bank. Monetary or Currency Authorities are a sort of semi-central bank which you only have if there is some very good reason as to why you can't manage to have a proper central bank. The issue with the Bank of England, etc is the neo-liberal idea to hand control to the bankers and thus to pretend the central bank is not part of government. Gordon Brown did that in 1997. The reason the BoE was nationalised in 1946 is precisely because it IS a key part of government and it is not and should not be independent of democratic control. I can provide the principles for establishing the SRB if you wish.

              • Arfem

                Section 8.3. The Section is clear - the CMA is appointed by Parliament, all its legislative proposals need to be passed by Parliament. As with the Judiciary, ‘independent’ must be seen in context just as any change in the Law requires Parliamentary legislation.. The Constitution needs to protect us from privatization of the currency and monetary policy. I look forward to a positive alternative Section which will be more effective.
                The Central Bank has its own Section elsewhere.

                No responses

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