"The only real game in town for an independent Scotland is the euro", writes Graham Bishop in EM's latest euroblog.
The authors of the HMG paper faced a fundamental difficulty from the outset: If they were wholly non-partisan, then any merits in the case for Scotland joining the euro could be turned round and applied correspondingly to the UK. Clearly, the Conservative Party would not welcome such an analysis. So they hit on the safe solution of recycling some of the tired old arguments from a decade ago about Gordon Brown’s infamous “Five Economic Tests” for joining the euro. Even with a dash of re-heating they are no more convincing than they were originally. Yet joining the euro is the only route for a Scotland that wishes to be genuinely independent.
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