The Scotsman cartoon: Scottish currency

An independent report by Barclays said a seperate currency is the most likely option in and independent Scotland.

Illustration: Iain Green

The report considers four currency options, including a formal monetary union with the UK, an informal monetary union with the UK or so-called Sterlingisation, joining the euro area, and an independent currency under various monetary regimes.

Sign up to our Opinion newsletter

Sign up to our Opinion newsletter

Joining the Euro posed “particularly large” uncertainties for Scotland, according to the report, but “an independent currency would provide the maximum degree of flexibility for policy”.