The Economy of Catalonia

official currency and financial institutions based in Catalonia would continue
to have access to Euro-system funding mechanisms (possibly
through the BE) and to the payment mechanism (TARGET2). At the
end of the transitional period, and at the moment of formal integration,
the BC would take over the functions of the national central bank within
the Euro-system. From a practical standpoint, the only difference in this
scenario in monetary matters, compared to the previous one, would be
that during the transitional period and until formal admission, the BC
would not be represented on the ECB Governing Council (and, presumably,
the new Catalan State would not have formal representation in
other EU governing bodies), and the BE would retain (limited) functions
in implementing monetary policy and banking supervision.
Scenario No. 3: An EU admission veto
In this third scenario, admission to the EU would be postponed indefinitely
after the establishment of the Catalan independent State, possibly
as a result of a Spanish veto. 14 As explained in the article «Europe Oh
Europe» by the Wilson Initiative, (http://wilson.cat/en/comunicatsconjunts/item/197-europa-europa/197-europa-europa.html)
the most
important feature of this scenario would be the preservation of the rights
of free movement of goods, capital and people for Catalan citizens and
companies operating in Catalonia, as well as those of citizens and foreign
firms with which they maintain economic relations. Fortunately, and
despite what many think, these rights are not restricted to the EU and
there are various ways of articulating them (the case of Switzerland is
perhaps the best example in this regard). Moreover, no-one would be
keener than the EU to preserve the reciprocity of these rights, given the
quantitative and qualitative importance of the Catalan market and the
presence of a large number of European companies based in Catalonia.
What would the consequences of this scenario be in the monetary field?
As in the second scenario, EU non-admission means that Catalonia
would not be a member State of the Eurozone either. But that does not
14. Spain’s endearing Foreign Minister García-Margallo has already announced publicly
that the expulsion of Catalonia would be «eternal,» presumably on account of the
will of the country he represents . (19/09/2012)
http://www.lavanguardia.com/politica/20120919/54350572042/margallo-catalunya-fuera-ue-eternamente.html
In or out of the euro 87