Scotland’s Lender of Last Resort Options

Reports & Briefings

The debate over which currency an independent Scotland might use appears to have reached an impasse. The Scottish Government has stated that an independent Scotland would use sterling, and the UK Government (and the official opposition) has said unequivocally it would not participate in a formal  currency union. Based on both positions, the most likely outcome seems to be that an independent Scotland would use sterling, but in an informal currency union. This is widely known as ‘dollarization’

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