Scotland's Independence Requires More Than Just a Central Bank
Scotland's independence would require tailored economic institutions to create a wellbeing economy. The Sustainable Growth Commission in 2018 recommended that an independent Scotland's monetary policy should be controlled by the Bank of England while they replaced sterling.
The Scottish Government has since proposed that the BoE oversee the payment system, set interest rates, and regulate the finance sector for at least five years after independence. However, this plan raises questions about whether it truly constitutes a plan for independence.
Academic work and other nations are already exploring alternative central banking approaches, such as the Swiss National Bank's tiered system or Sweden's Riksbank's interest-free deposits. The Green Party in England and Wales has also suggested a new approach to central banking that mirrors some of Scotland's proposal.