By saying that Scotland can be in the sterling area, provided the institutions of that union are established under the law of the rest of the UK and are accountable to its government. 答案是告诉苏格兰说它可以留在英镑区内,条件是该货币联盟的机构必须依照英国其余地区的法律成立、并向英国政府负责。
But it would be one in which Scotland and the Scots would have still less weight than now. They would retain access to a lender of last resort within the sterling area, but at a heavy price. 但在这样的联盟中,苏格兰和苏格兰人的话语权比现在还低。他们将保有求助英镑区最后贷款人的权力,但需为此付出高昂的代价。
Remaining within the sterling area for an unknown period, as the Scottish National Party suggests, cannot be a unilateral decision. 像苏格兰民族党(scottishnationalparty)所建议的那样,在一个未定期限内继续留在英镑区,不可能由单方面决定。
They cannot assume they would be able to remain inside the sterling area or retain anything like their present financial sector. 他们不能以为自己还能留在英镑区,或者保留现在的金融业。
Under current exchange control practice, an exporter selling goods to a country outside the sterling area is permitted to borrow foreign currencies in anticipation of the proceeds of his exports. 根据现行的外汇管理条例,对把货物出售给英磅区以外国家的出口商,允许他们收到出口贷款之前借入外币。
Investors seem to choose one safe haven per currency area: the US federal government in the dollar area; the UK government in the sterling area; and the German government in the eurozone. 在每一个货币区,投资者似乎都会选择一个避风港:在美元区是美国联邦政府;在英镑区是英国政府;在欧元区是德国政府。