Twenty-First Century Central Banking and an Independent Scotland’s Currency Choice

Primary Author or Creator:
Iain Hardie
Centre on Constitutional Change
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Fast Facts

"Having the full range of monetary policy options is essential for financial stability. [It enables] an independent Scotland’s government to protect its citizens in crises, whether global or more local.”

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A new currency would be better for an independent Scotland than an informal currency union with the UK, according to a new report on developments in central banking by the Centre on Constitutional Change.

The report says that changes in central banking since the global financial crisis – especially during the pandemic and in the aftermath of the recent mini-budget – have materially changed the nature of the current choice for an independent Scotland.

It says that ‘a new currency is now a far better alternative to an informal currency union with the remaining UK’.