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By Ronald MacDonald Adam Smith Professor of Political Economy University of Glasgow and Research Fellow, CESifo Policy Group, Munich   A non-technical resume: • This paper demonstrates that all of the currency options available to an independent Scotland come with the price tag of an austerity programme. This is due to the need to accumulate foreign […]

An independent Scotland’s currency options redux: assessing the costs and ...


In this paper, Professor Ronald MacDonald takes on the role of a ‘virtual consultant’ to a potentially independent Scotland. What should the exchange rate regime of an independent Scotland look like? MacDonald argues that the current proposal of the Scottish government to remain part of the sterling zone is doomed […]

Currency Issues and Options for an Independent Scotland