@AndrewWilson claims in his article that Scotland "in time, will have its own currency when its Central Bank reports to its Parliament that the six tests we set out have been passed."
The six tests act to prevent the creation of a Scottish currency. thenational.scot/news/17430414.…
1) Countries which can print their own currency cannot go bankrupt in that currency. With control over monetary policy, Scotland would be able to mitigate the impact of debt interest payments on government finances. This is not possible in a Sterlingised Scotland.
If the Gov deficit is constrained & ability to print money blocked then the private deficit MUST increase. This fiscal target with Sterlingisation would result in a consumer credit bubble which the Scottish Government would be unable to bail out when the bubble inevitably burst.