The Glob Pound

Which of the Ways the Currency Union Form

  • De Jure Commonwealth adoption of the Glob Commonwealth uses Glob Pound

    Votes: 2 66.7%
  • De Facto adoptation of the Glob. Commonwealth uses Pound Sterling (tied to Glob)

    Votes: 1 33.3%
  • De Facto adoptation of the Glob. Commonwealth uses national currencies (all tied to Glob)

    Votes: 0 0.0%

  • Total voters
    3
Take any POD after 1950 to get this result.

Anyways, suppose an equivalent to the Euro is formed in 1970 (minus Communist countries). It has a European Central Bank and similar things to OTL Euro functionaries. It's called the "Glob Pound" and is valued at whatever the price of a Pound Sterling is in 1970. To make things work, there is infinite allowance of movement of workers. For each 7 Glob Pounds a national or sub-national-but-higher-than-municipal government in the currency union spends (military, subsidies, salaries, whatever), 1 Glob Pound is paid into an equalization fund. This fund pays for nationalized healthcare and old-age pensions.

Oh and all the nations are bound by treaty to have the same healthcare, banking and old-age pension system. There were many euroskeptics in OTL. But for the euroskeptics who were economics (and not politicians), they said that a common currency needed mobility or workers and a standardization of healthcare, banking, and old-age pensions (one guy called it retirement age benefits... same thing really).

This has the side effect of the nations not spending directly on their healthcare system. Hope the TTL EU/Commonwealth beurucrats can handle healthcare as well as OTL NHS officials and not like OTL US.

In OTL Euro system, the Eurobank is responsible for maintaining the price stability in the Eurozone countries. We all know how well that worked out... There are countries which unilaterally tied their country's currency to the Euro. The Eurobank is not responsible for their welfare. Denmark ties their krone to the Euro. Denmark is not directly represented in the Eurobank system. In effect, the Eurobank decides on a policy and the Danes have to follow it. The Danes do have the option of untying the currency peg in case if something drastic happens such as the EU imploding in 3 decades. Or something.

Unlike OTL, the British Commonwealth ends up in the Glob Pound system.

Which of the following is the most likely way Britain and the Commonwealth end up in the Glob Pound system?

Scenario 1, direct adaptation of the Glob Pound. This is easy to understand. All countries using the Glob Pound, including the Commonwealth, get their voice heard in the central bank. Because they are in the system.

Scenario 2, currency peg. The Pound Sterling still exists. The Pound Sterling is allowed to be 1 Glob Pound plus or minus 0.015%. The Bank of England is not a wing of the Eurobank (Glob bank?) like the de jure "Globzone" national banks are, but it is committed to price stability. Other Commonwealth countries re-adopt the Pound Sterling. By treaty, they have the migration rules an the contribution into the fund and yadda. Unlike OTL Denmark, the Eurobank/Globbank does take into consideration of price stability in the Commonwealth as long as they contribute to the stabilization fund thing. The Eurobank/Globbank does not defend the currencies

Scenario 3, currency pegs. The Pound Sterling is allowed to be 1 Glob Pound plus or minus 0.015%. In fact, every Commonwealth country is committed to a pre-defined number of (insert currency here like the Loonie) to each Glob Pound plus or minus 0.015%. Everyone contributes and everyone is represented in the Eurobank/Globbank.

This is not a discussion on the merits of OTL Euro or if TTL Glob is going to fail. This is simply asking, with a POD from 1950, given that a sequence of events unites non-Communist Central Europe, Western Europe, and the British Commonwealth in a currency union (along with the support structures of a currency union like standardized banking and loose migration), which of the three scenarios is the most likely way to form it?
 
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