If you were Scotland and heading for independence with a vote in the British Isles in 2014 or beyond, which currency would you choose for Scotland's long term prosperity, - institutionally-wise, especially (e.g. exchange rate mechanism, UK banking regulations, etc.)?
a. British pounds' sterling (the keeping of which, against the Euro, has probably benefitted the U.K. in all those little currency exchange costs, for one)?
b. Euros and the benefits of one currency for trading in Europe, and lessen reliance on the English pound?
c. A Scottish currency of its own, and benefit from all those little currency exchange costs, but without the benefits of one currency for trading in Europe?
Scottish independence after the Battle of Bannockburn in 1314 (see http://en.wikipedia.org/wiki/Battle_of_Bannockburn - and "Scots Wha Hae" which is the title of a bagpipe tune and patriotic poem by beloved Scots' poet Robert Burns: http://en.wikipedia.org/wiki/Scots_Wha_Hae) and the Act of Union in 1707 (http://en.wikipedia.org/wiki/Acts_of_Union_1707 also known as "Union of England and Scotland") all inform far-reaching, Scots' identity questions, for which this currency question is also significant.
Scots are saying in "The Scotsman" articles below they'll keep the pound and join the European Union, seeking an exemption for the EU requirement, which both the U.K. and Denmark now have.
See, too, Scottish Independence: http://en.wikipedia.org/wiki/Scottish_independence
I'll post this to the WUaS wiki Economics' under questions -
as well as to the WUaS Scotland page -
Some articles from the newspaper "The Scotsman" in Edinburgh:
EU 'will welcome us with open arms'
Economist plays down euro adoption
Scotland would struggle to retain currency union with UK says man who helped to engineer break-up of Czechoslovakia
Edinburgh Agreement warning issued
UK warning in independence debate
SNP supporters could join Greens
Cameron and Salmond sign Scottish referendum deal: Politics live blog
Scottish independence: Yes Scotland signs up 143,000 supporters
Alex Salmond announces plans for Scottish independence referendum - video