An independent Scotland would need to commit to adopting the euro as part of the process to rejoin the European Union, according to senior Scottish National Party (SNP) Member of the Scottish Parliament (MSP) Alyn Smith.
Smith, who has previously served as both a Member of the European Parliament (MEP) and a Member of Parliament (MP), stated that while there is no set timeline for adopting the euro, a commitment to economic and monetary union is a standard requirement for EU accession. He suggested that Scotland could hold a referendum to determine when to adopt the single currency, emphasizing that such a move would be a precursor to joining the euro.
"What we are looking for is a normal accession process," Smith said, referencing the paths taken by countries like Finland, Sweden, and the Czech Republic. "We are not the first country to accede into the European Union so there is a well-trodden path that Finland, Sweden, Czech Republic, umpteen others have gone through over the time, and there is a commitment to participate in economic and monetary union, yes, but there is no timescale attached to that."
He added that the timing of euro adoption would be decided "when the time is right" and would require a "second referendum on the euro for the people of Scotland to decide that."
The current official SNP position is that an independent Scotland would initially continue using the pound sterling for an unspecified period before introducing its own Scottish pound. Smith clarified that the creation of a Scottish pound would serve as a preliminary step towards eventually adopting the euro.
Scottish Conservative deputy leader Rachael Hamilton criticized Smith's remarks, stating that his comments would leave voters unclear about the SNP's plans for constitutional matters. She urged SNP politicians to focus on issues such as reducing living costs, economic growth, and improving Scotland's public services rather than revisiting independence debates and referendums.
Separately, Smith addressed concerns regarding the finances of the pro-independence campaign group Yes Scotland. He dismissed allegations of missing funds, stating that the organization had separate accounts that were properly filed and accepted. While acknowledging that a complaint had been lodged with Police Scotland, Smith suggested that the complainer might have ulterior motives. He noted that he was not part of Yes Scotland during the period in question.