The titbits I get fed about the debate over a hypothetical post indy monetary policy in Scotland make it seem like a lot of nonsense is being talked on the indy side.

One could say 'it is doable, with some institutional risks, to set up a new central bank and do independent inflation targeting, with credible political backing, and the reservoir of econ and cb expertise, and history of inflation targeting itself.'

However, SNP don't want to say this, as it - rightly - fears that people fear the risks of setting up a new currency. Even though IMO this is a perfectly sensible and doable option.

There's also the complication of EU membership. On the face of it, given what that would require, the trajectory would be, in this case, 1) period of independent inflation targeting, 2) ERM like period, 3) Euro membership.

Owning up to this is tricky, because there is presumably the worry that people won't want to vote indy because they are against the Euro, a feeling aggravated by the EZ crisis.