Hey, this is an English text. I want you to translate it into the Tunisian dialect. Please follow these steps:
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The pound as we currently know it relatively young, having only come into existence in 1971 following decimalisation. Nonetheless, the “pound” as a unit of currency in Great Britain goes right back to Saxon times and is said to be the world’s oldest currency still in use. It’s not quite clear when pound sterling started to be used in Wales, but Anglo-Norman coins are said to have been in circulation prior to the Laws in Wales Acts alongside some local currencies. There are two major events that have shaped the pound as it is today. Firstly, Black Wednesday (16th September 1992). Prior to that date, the UK was taking part in the mechanism designed to prepare EU member states for the introduction of the single European currency (known as the ERM). The pound was at a fixed exchange rate with the Deutschmark, but a combination of the fallout from German reunification and poor economic performance at home saw the UK withdraw from the ERM. This is significant because it dis-attached the UK from the euro and set the pound further apart as a stand-alone currency. Secondly, independence for the Bank of England in 1998. Prior to then, the government set interest rates, but following the Bank’s independence, responsibility for monetary policy would rest with the Monetary Policy Commission. The UK Government retained a “leash” by setting inflation targets, which if exceeded or undershot by more than 1% require a written explanation from the Governor of the Bank of England to the UK Chancellor. So the key message to take from this is the pound is a stable, stand-alone currency with minimal formal government interference in monetary policy. The Requirements A three-way formal currency union agreement between Wales, England and the Bank of England – This would have to be negotiated and finalised in the period between any successful independence referendum and independence itself, which could last 18 months to two years. Such an agreement could include: Measures similar to the EU’s finance and stability pact (which means Wales agreeing to keep budget deficits under control). Some measure of harmonisation of tax rates – in particular VAT and corporation tax (to prevent a “tax war”/race to the bottom). A Welsh appointee to the Monetary Policy Committee and the Bank of England’s executive board, with the Welsh Finance Minister treated equally (in communications on inflation etc.) to the English Chancellor of the Exchequer. Giving the Welsh Government the power to issue bonds/unlimited borrowing. Retaining the Bank of England as the central bank – This could either be done literally (a sharing of the bank) or Wales taking a ~4.9% stake in the Bank of England as a shareholder, meaning Wales gets that percentage of everything in terms of representations, votes etc. This would effectively be a continuation of current arrangements, and leave the Bank of England responsible for providing liquidity (the ability to meet obligations) to banks, acting as a “lender of last resort” (when banks or other institutions can’t find enough