The interest-rate premium that the market would inevitably demand from a young sovereign like Scotland could be minimized by issuing debt in sterling, thereby protecting investors from additional devaluation risk. But, without its own currency-issuing central bank, Scotland would forego seigniorage (profits from central-bank operations that typically benefit the national treasury).
从财政角度看，这样做也面临类似的权衡。对于像苏格兰这样的新成立的主权国家，市场免不了会要求利率溢价，通过发行英镑债券能够让这一溢价最小化，从而保护投资者免遭贬值风险。但是，由于没有自己的货币发行央行，苏格兰将放弃铸币税（央行操作给国库带来的利润）。也许更重要的是，如果爆发危机，将没有最后贷款人能够稳定银行和金融系统。