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2 December 2013

Stevenson Welcomes Expert Interventions on Currency and Debt


COMMENTS BY DEUTSCHE BANK AND CITIGROUP CURRENCY EXPERTS SUPPORTIVE OF STERLING AREA

AND INDEPENDENT SCOTLAND’S DEBT BURDEN "LOWER THAN THE UK's" - EXPERT THINK TANK

Stewart Stevenson, SNP MSP for Banffshire and Buchan Coast has today welcomed two significant interventions from impartial experts in the economic debate about Scottish independence.

First, currency experts at Deutsche Bank AG and Citigroup Inc have made supportive comments that the best currency option for an independent Scotland is to retain the pound as part of a currency area with the rest of the UK.

Oliver Harvey, a strategist at Deutsche Bank, said: “Scotland fits an optimum currency area with the rest of the UK very well… It wouldn’t make any sense for Scotland not to have the pound.”

Valentin Marinov, the head of European Group-of-10 currency strategy at Citigroup said: “Given the close economic ties between the two and assuming that these ties need not weaken going forward, the potential introduction of a currency union need not affect significantly trade and other flows.”

Second, the economic case for a Yes vote has been further boosted with an analysis by the National Institute of Economic and Social Research (NIESR), which concludes that: "Scotland’s debt burden will be lower than the UK's in all cases."

Stewart Stevenson MSP said:

“I welcome these interventions in the referendum debate by impartial experts. The views of currency experts at Deutsche Bank AG and Citigroup Inc validate the common-sense position that a sterling area between an independent Scotland and the rest of the UK suits the interests of both countries.

“National Institute of Economic and Social Research analysis also concludes that: ‘Scotland’s debt burden will be lower than the UK’s in all cases’ demonstrates that Scotland is financially stronger than the UK as a whole, and that therefore we've got what it takes to be an independent country.

“As the debate continues, the more people are recognising the value of a Yes vote and the gains of independence.”

Stewart Stevenson
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