‘No. Scotland would not have to necessarily use the Euro.’ 

Craig speaks to Peter Ryan – expert on currency and banking systems and author of several papers for Common Weal and the Scottish Independence Convention - on currency in an independent Scotland. 

A critique of the Growth Commission's report. "Far from being an asset to the independence cause, the Growth Commission is its biggest liability. It’s time, as we say, ‘tae think again’."

The decision on Scottish independence is a decision for the people of Scotland.  When making that decision it should be clear which currency an independent Scotland would use. If the people of Scotland vote for an independent Scotland with its own currency, that democratic mandate should be respected.

A report suggests an independent Scotland would have to make public expenditure reduction.  he report actually says that public spending could continue to grow. This does depend on sufficient growth in the economy after independence.

People working towards the introduction of a Scottish Currency 'as soon as practicable' after Independence Day.   A Facebook group.

The Scottish Reserve Bank website attempts to clear up many of the deliberate myths surrounding the establishment of a new Scottish currency 

Launching a new currency in the modern digital age is complex – it is a process with a lot of moving parts – but it is not impossibly difficult.

This paper lays out a three year timetable starting from shortly after a Scottish independence referendum and culminating in the launch of a new currency on Independence Day.

The blueprint is informed by existing precedents including the launch of the euro and comprises the most detailed and authoritative paper yet produced on how to introduce a Scottish currency in the event of independence.

Examining how an independent Scotland could back and defend a Scottish currency.

On the 25th May 2018, after more than 18 months of preparation, the SNP-commissioned Sustainable Growth Commission made its final report – entitled Scotland – The New Case For Optimism – which has been presented as a series of recommendations on which could rest the economic, fiscal and monetary case for Scottish independence in a future referendum campaign. This document does not cover the full gamut of policies which would be directly affected by independence nor does it cover the full range of institution building required by a nascent independent state.

Common Weal looks at Fiscal Policy and provides an alternative prospectus based on ensuring wellbeing and equality for the people of Scotland.

The quest for GDP and GDP Growth is not sustainable in a finite world and this should also be recognised by an independent Scotland. Metrics such as environmental impact, inequality and wellbeing are far more important and only by elevating them above the quest for “growth at all costs” can a truly fair and sustainable Scotland be created.

―Countries rarely have full control over all aspects of currency management simultaneously. Compromises must often be made, though different countries arrive at different solutions to those compromises.

― Setting up a new currency, if an independent Scotland chooses to do so, will involve planning but the steps involved are well understood and opportunities arise for public involvement in some of them, particularly design of new notes and coins.

KEY POINTS

― Immediate economy boost: We propose a 250 ScotPound (S£) dividend be given to each Scottish citizen, increasing the overall purchasing power within the economy. The injection of funds would not add to the UK deficit and we estimate the payment infrastructure of the system would be low cost – in the region of £3 million – all at a time of austerity.

The introduction of a new currency needs to account for customer deposits and loans and the Sterling pensions guarantee.

The Sustainable Growth Commission's tests for to establish a new currency are flawed.  A new 7-point set of tests are proposed.

There are many visions about how we create an independent Scotland, but almost universally they all aim for the same conclusion. Putting aside the obvious democratic deficit that independence removes, what we also want to achieve is better schools, hospitals, research and development, infrastructure, public transport, policing and more. We want a better quality of life. Yet with every debate around independence there is always one factor that concerns individuals. The cost. 

Is MMT the solution?