Scottish Secession: An Unnecessary Independence

As Seen Through the Currency Debate

By Brett T. Williams
Brett Williams, a third year student at Albany Law School, graduated magna cum laude from the State University of New York College at Plattsburgh. He majored in History, minored in Political Science and spent six months studying the politics and history of Britain and Europe at the University of Oxford. He also presented a paper on U.S.–Turkish relations to a student conference at Dokuz Eylul University in Izmir, Turkey.
At Albany Law, Brett is an Associate Editor for the Albany Law Journal of Science and Technology, a research assistant for Professor Keith Hirokawa, and three-year member of the Albany Law Rugby Football Club. His legal work includes time spent with the New York State Office of Parks, Recreation, and Historic Preservation, the Town of Colonie Town Attorney, and the law office of Flink Smith, LLC. Brett is involved with the Global Institute for Health and Human Rights pro bono project and is a great lover of travel.
This paper was prepared for Prof. Harrington’s Spring 2013 International Business Transactions class.

Since taking control of Scotland’s Parliament in 2011, the Scottish National Party (SNP) has advocated for its country’s secession from the United Kingdom. In order to make the case for this controversial policy position, the SNP has pointed to everything from economic and political freedom, to Scotland’s centuries’ old rivalry with its English neighbors to the south.

Nevertheless, less than 30% of Scots currently favor of independence. Clearly, the SNP has much convincing left to do. The referendum vote has been set for September of 2014.

One of the thorniest issues to address before that time is the question over what currency an independent Scotland would use. Three choices have featured most prominently in the debate: the Euro, the Pound Sterling, and a new, independent Scottish currency.

This paper considers each of these options. Ultimately, the purpose is to assess the viability of Scotland’s independence movement through the framework of the currency debate.

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