All things considered, an independent Scotland would be best served by issuing its own national currency from the outset, empowering the National Bank of Scotland to set interest rates according to domestic economic conditions. By allowing for exchange-rate flexibility, this approach would also enable the central bank to avoid the twin hazards that arise in a currency union: undervaluation, which produces inflationary pressure, and overvaluation, which demands wrenching internal devaluations (driving down real wages).
考虑各种因素后，独立的苏格兰的最优策略是从一开始就发行其自身的国家货币，授权苏格兰国民银行（National Bank of Scotland）根据本国经济情况设定利率。这一方针还能通过灵活的汇率安排让央行避免货币联盟所面临的的双重风险：低估（带来通胀压力）和高估（需要扭曲性的内部贬值，造成实际工资下降）。