Rethinking Fiscal Policy: Scotland's Economic Future

This chapter analyzes the 3% deficit rule that emerged from the Maastricht process, revealing its arbitrary basis and the risks it poses to Scotland's economic stability. It critiques conventional fiscal metrics and underscores the need for a broader understanding of fiscal policy in the context of Scotland's potential independence and currency transition. The dialogue highlights the importance of aligning fiscal outcomes with public welfare rather than adhering to rigid benchmarks, emphasizing the complexities and challenges of managing Scotland's economy within its evolving political landscape.