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Assuming Scotland achieved independence, her initial option may opt for an independent Scot Unit, peg either to EUR or GBP, back by her petrol and gas reserves and resources, without the need of approval from the respective authorities. IMF should be able to provide the initial support if needed. This initial approach would provide calm and stability of the Scot Unit to serve Scottish economy.



As for overcoming the problem of overvaluing or undervaluing the Scot Unit, instead of trying to manipulate the Scot Unit, fiscal policies should be used to manage the different industries within Scottish economy. For example, if due to low interest that could cause housing inflation and construction, taxes and other regulations can be implemented to prevent overheating and vice-versa, if needed.



In the longer term, Scotland will have to find her own footing on whether she should align her economy to the English or the Europeans' economy through fixing her currency to it. If EUR is the preferred choice, then Scotland should negotiate with the EU to be part of the EUR so as to benefit from the currency exchange efficiency.



