Foreign Exchange Reserves
Rebuttal: Why silly figures for what an independent Scotland would need to protect its currency misunderstand modern money
CommonSpace dissects the argument that an independent Scotland would need a foreign currency reserve big enough to back up “everything” in its national economy
THE Daily Telegraph has published claims from Glasgow University professor Ronald Macdonald claiming if an independent Scotland were to establish its own Scottish currency it would need foreign currency reserves of anywhere between £30-300 billion.
‘Scare story’: Experts slam £300bn figure for an independent Scottish currency’s foreign reserves
Peter Ryan and Richard Murphy round on up to £300 billion claim
TAX and finance experts have told CommonSpace that a claim that up to £300bn would be needed for an independent Scotland’s foreign currency reserves is a “scare story”.
Report: Backing Scotland's Currency - Foreign Exchange Reserves for an independent Scotland
The interest paid on Scottish foreign reserves would likely be significantly less than Scotland’s current contribution to the interest on UK foreign reserves
A NEW report by Common Weal has detailed how the stability of a Scottish currency can be achieved through the holding of foreign currency reserves.