To me it seems that many countries smaller than Scotland have had success with their own currency. They can use a peg or a floating peg to a currency that belongs to a major trading partner. An important thing is whether or not they tend towards a primary surplus in their trade balance. Another critical factor is the effectiveness with which they regulate the underwriting for credit creation. If that is strong they should have few fundamental problems if they manage their peg properly.

"It is not necessary to have hope in order to persevere."