A small nation with a proud history of seeking independence from a powerful neighbor. A few weeks ago in this role was Scotland who tried to secede from the United Kingdom. Today – this is Catalonia, wishing to secede from Spain.
Scottish question has been resolved – at least for the near future. However, the movement for the independence of Catalonia, is a much more serious threat to the European markets.
Why? This is for three main reasons.
Firstly, the more likely that the separation still occurs.
Despite all the arguments of nationalists, Scotland hardly benefited from independence. United Kingdom – a successful economy, while Scotland, despite the apparent prosperity, faced with a reduction in oil revenues, and a large part of the population – are the older generation. Country received grants from its powerful neighbor, and eventually it would become more and more dependent on him.
While rich Catalonia subsidizes other regions
Spain, in itself, is closed within a troubled monetary union, which is waiting in front of the recession, mass unemployment and rising debt.
Second, the independence of Catalonia will be critical to the single currency zone.
Scotland had a common currency, only the United Kingdom, while Catalonia divides currency with the euro area. What happens when the office of the Member State? Can she save the euro or will be forced once again to apply to join the single currency zone? What will happen to her debt, and how it should be shared with the rest of Spain?
Third, the gap is going to be difficult.
British authorities have approved the Scottish referendum, and Prime Minister David Cameron held a propaganda campaign against the separation of the country. If Scots vote for independence, partition would be peaceful.
Madrid, however, has a different opinion. What happens if the Catalans would vote for independence? Nobody knows for sure. Of course, begin a long period of hostility and confrontation between the two countries, which is unlikely to help stabilize the troubled European economy.