Nobel victor Stiglitz: Independent Scotland should have its own currency, avoid euro

Cheryl Sanders
September 1, 2016

Angus Robertson, the Moray MP, refused to rule out the creation of a Scottish pound and said the party will go through a process of internal debate to decide on the best option.

"They wanted to say that we could move from the current economic arrangement to another one while keeping our currency and keeping other forms of institutions".

Tommy Sheppard, the Edinburgh East MP, said the Brexit vote has thrown "somewhat of a big question mark" over whether a currency union would be possible if Scotland became independent and an EU member state.

"Small countries can have their own currency".

The Columbia University professor, who has advised Bill Clinton and Jeremy Corbyn, cited Iceland's strong economic recovery after the 2008 crash as an example of what a country in control of its own currency can do.

Inverclyde councillor Chris McEleny backed an independent Scottish currency during the depute leader debate. However, the SNP has neglected the opportunity to take action on schools, hospitals, jobs and the economy in favour of discussion of Scotland's independence.

"Being part of the United Kingdom means we can use the pound and have access to the Bank of England in times of difficulty for our economy".

But Mr Brown said Ms Sturgeon's government had failed to make its case for independence, arguing that the SNP is now proposing ending both a political and economic union.

He said that while voters must accept the European Union referendum result, the new circumstances require a "constitutional breakthrough that transcends the sterile stand-off between a non-change conservative unionism and an unreconstructed nationalism".

Scotish Green Party leader Patrick Harvie said: "Given the uncertainty we now face from a Brexit process Scotland didn't vote for, it may be that independence is the best option for keeping Scotland in Europe".

"When people ask me what difference a Labour Government would make here in Scotland, I ask them to look just look at what Sadiq Khan has already delivered in London".

"It's therefore essential that we continue to lay the ground work for a Scottish currency".

Ahead of the European Union referendum result in June, Ms Sturgeon hinted that the SNP may consider changing its policy on the future currency of an independent Scotland in the event of a Leave vote, leaving open the idea of joining the euro.

"Our immediate priority is exploring all possible means to protect Scotland's place in Europe, in line with the way people here voted, which is vital for jobs, investment and long-term prosperity".

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