In for a penny

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No country can call itself independent without also having its own currency.

However, I believe there will have to be a transitional period in which Scottish currency will have to be tied to the English pound (1 for 1) just as the Irish Punt was before Norman Lamont’s troubles and before Ireland threw its lot in with the euro.

Then, to create confidence
in any Scottish currency we would need to banish the 
casino banking, and have a 
public banking system with 100 per cent reserves.

If we did not have those safeguards, then when the time came to go it alone, those with money would transfer their Sterling balances to England. 

The eurozone countries are not independent because they share a currency and are in the European Union but each has its own fiscal policy which 
has caused each to go its own profligate way.

The UK has its own currency and its own fiscal policy, but is not independent because it is in thrall to the European Union.

Ronald Rankin