Bank of England governor Mark Carney today travelled to Scotland to make a speech outlining the pitfalls of entering into monetary union without a proper fiscal union, ahead of a referendum this September which could see Scotland declare independence from the UK.

Leaning heavily on the example of the eurozone, Carney said in the opinion of the Bank of England, there will still "have to be significant ceding of fiscal sovereignty in the euro area in order to make the eurozone a viable currency