The Sustainable Growth Commission's tests for to establish a new currency are flawed. A new 7-point set of tests are proposed.
Test 1: Is the Bill to establish a Scottish Reserve Bank drafted and ready?
Test 2: Will new notes and coins be ready in time?
Test 3: Have we designed, implemented and tested a new Scottish Bank payment system?
Test 4: Have we designed / executed a Public Information Campaign?
Test 5: Are the premises, staff, infrastructure, etc., for the Scottish Reserve Bank in place?
Test 6: Have we identified and developed a plan for the financial regulation that will be needed for our financial institutions, etc?
Test 7: Has a (sterling) Pensioner Guarantee been set up?
On these tests, argues Dr Rideout, a Bill to establish a Scottish Reserve Bank should be started before any Independence vote.