How easily could an independent Scotland set up its own currency?

Primary Author or Creator:
Believe in Scotland
Publisher:
Believe in Scotland
Alternative Published Date
2023
Category:
Type of Resource:
Article
Fast Facts

New currencies can be created and launched both quickly and effectively.

More details

Establishing the institutions necessary to manage an independent currency is a task that many other countries have completely successfully, sometimes even before they are fully independent. 

None of the nations mentioned above worried about the cost of introducing a new currency, as it was clear that the benefits of full control over monetary policy were more important. All three countries discussed now use the Euro, having decided that as developing nations, being more closely aligned with the EU would benefit them. Believe in Scotland will publish a future FAQs article on whether an independent Scotland would do the same if it joined the EU. 

The issues surrounding the creation of a new Scottish currency should not act as an obstacle for independence. The timing of implementation of the Scottish currency would be whenever worked best for Scotland – which would be dependent on the prevailing political and economic circumstances post-independence. 

If launching a new currency were to unfold similarly to the countries described above, an independent Scotland would likely be able to experience stability and greater financial control and flexibility that we do not currently enjoy as part of the UK. 

English