The currency of an independent Scotland will be a “live issue” for as long as Scottish independence remains a possibility, according to organisers of the Scottish Currency Group Conference, which takes place in Dunfermline this weekend.
The Scottish Currency Group brings together economists, academics, banking professionals and think tanks to undertake an analysis on currency options for an independent Scotland.
The two-day conference gathers an international lineup of speakers, including Thibault Laurentjoye, Professor in Economics at Aalborg University Business School in Denmark, Dr. Jón Egilsson former Chair of the Icelandic Central Bank’s supervisory board, and Malan Johansen, Executive Director of Landsbanki Føroya, the Faroe Islands Governmental Bank. Other speakers include high-profile economist Professor Richard Murphy, Professor David Blanchflower, economist and former member of the Bank of England’s Monetary Policy Committee, and Luke Bates, former Head of Financial Risk at Tesco Bank.
Words from the Convener and former FM Alex Salmond
Dr. Tim Rideout, Convener of the Scottish Currency Group, said:
“Currency was a hot topic during debates marking the 10th anniversary of the independence referendum, and it will continue to be a live issue for as long as Scottish independence is supported by such a large proportion of Scotland’s people.
“As the consequences of the new UK Labour Government’s austerity agenda becomes ever more harshly felt, it’s incumbent upon those of us who support an independent Scotland to develop clear, pragmatic currency proposals that can offer Scotland a way out of the current fiscal trajectory.”
The potential currency of an independent Scotland was raised during BBC Scotland’s Debate Night (at 14min 25sec), where former First Minister Alex Salmond said:
“The arguments for having a Scottish currency are much, much stronger than they were in a situation where the rest of the UK was in Europe. So, the arguments change with time and the independence campaign has to update its arguments so they’re not the arguments of 2014, but the arguments for 2024 and the next ten years.”
Conference programme
The two-day conference in Dunfermline this weekend is titled ‘Preparing the way for the Scottish Currency and Scottish Reserve Bank.’
Keynote speaker Prof. Thibault Laurentjoye of Aalborg University commented:
“I am eagerly looking forward to speaking at the Scottish Currency Group conference, where I will present my research on the potential advantages of establishing a Welsh pound. This topic holds significant relevance for Scotland’s independence debate, particularly in understanding how a dedicated currency empowers a nation.
“With its own currency, Scotland would gain the ability to tailor monetary policy to its specific economic conditions. This includes enabling the central bank to effectively manage financial conditions, both within the banking sector and in government debt markets, ensuring stability and fostering economic growth. A national currency is not just a symbol of sovereignty but a crucial tool for building a resilient and prosperous independent Scotland.”
The conference programme also explores opportunities that could be embraced within the current devolution settlement, as well as showcasing international examples of best practices. For example, Malan Johansen, Executive Director of Landsbanki Føroya will describe how the Faroese Landbanski, is prioritising the economic diversification of the Faroe Islands by prioritising investments in communications and transport, including their ambitious tunnel-building programme.
Dr Rideout added: “This is a tremendously exciting lineup of speakers. By design, the conference programme is non-party political, prioritising speakers with practical experience of finance, currency, and policy ambition. The independence movement has waited for ten years for a credible, ambitious currency proposal from the SNP. We simply won’t wait any longer.
“If independence is ever to become more than an electioneering slogan, the currency question needs to be answered clearly and confidently. This conference is the start of that process.”
The Scottish Currency Group Conference takes place at Carnegie Conference Centre, Dunfermline, on Saturday 21st and Sunday 22nd September. In-person tickets cost £30 and livestream tickets are £10. The full programme and tickets are available on Eventbrite.
Bylines Scotland’s authors making part of the Scottish Currency Group
Worthwhile to note that a group of Bylines Scotland’s authors have contributed to this conference and to SCGroups latest publication Mythbusters, which will be launched at the conference. Cath Jones, John Randall, David Murray, Hillary Sillitoe and Lynne Copland are Members of SCG Campaign Team and Working Groups.
Article based on a press release by the Currency Scottish Group.
More in economy.
CLICK HERE TO DONATE TO OUR CROWDFUNDER
HELP US BECOME STRONGER SO THAT WE CAN CONTINUE TO DELIVER POWERFUL CITIZEN JOURNALISM!
