Yesterday's speech by Bank of England Governor Mark Carney received predictable responses on Twitter - passionately assurances, from both Yes and No campaigners, that their own cases were vindicated by it as he clearly agreed with them in full. Having watched this go on through the subsequent hours, I hope that I may be excused for sticking my oar in and asserting that, on the contrary, he agrees with me in full: I have long argued that this is a complex, nuanced issue with both positive and negative points.
I'm not a newcomer to this area of discussion; I've run three different kinds of business and I've written on business and financial issues for around a decade. And like it or not, this is a business issue, not an ideological one - those who get further than just lapping up the soundbites or shrugging their shoulders because maths is hard will be thinking carefully about how the decision could impact them financially before they decide which way to vote. They will be thinking not just about their domestic lives but also about the businesses they run and the businesses they work for. Even if they've already made up their minds about voting, many will want to work out how they can prepare financially for what is to come, how much work they will need to do to make adjustments, and what they need to take into account when preparing individual business forecasts.
In any situation of this type there are a lot of unknowns, but as Carney noted, something we can do is to look at other countries that have gone through the same process, and consider what happened to them. Doing so should reduce some of the panic that has attended the independence debate. The question is not - and, to serious minded people, never has been - about whether or not Scotland can survive on its own. What matters is whether or not it should, and whether or not it would be able to provide its citizens with a standard of living not simply adequate but satisfactory.
In asking these questions, we really need to examine two points that have been sidelined or distorted during the bulk of the debate. Firstly, there's the issue of currency use. We need to say goodbye to the nonsense that has been spouted about Scotland perhaps not being able to use the pound. Of course it will be able to use the pound. There's a very simple reason for this: the pound is a freely tradeable currency. Should it cease to be such, the UK (or what then remains of it) can kiss goodbye to its high credit rating. Naturally that isn't going to happen - so what really matters is not the cash we use (after all, we could always choose the bitcoin), but who is our lender of last resort.
This brings me to the second point - it would be unwise for any country already dealing with complexities of establishing itself as an independent force in the modern world to try and set up its own weighty central bank at the same time. But independence does not have to be established overnight. Again, if we look at other recent divorces between nations, we can see how this works in practice. If a currency is shared for a short period of time - five years is probably good base estimate, but it should be flexible in order to take account of changing circumstances - this gives a new country stability when it most needs it. It will face limitations for the duration, being obliged to follow a similar economic direction to its larger partner, but this can be temporary. Introducing its own currency after that point is much easier and means it then has the freedom to determine its own direction.
So why is nobody discussing this option? In act, a few of the smaller political parties are, but it has been elided from the mainstream debate for two reasons. Firstly, the majority of those opposed to independence find it problematic because it makes the option of independence seem more viable. secondly, the majority of those in favour find it problematic because it requires the acknowledgement that independence would be complicated and some major elements would remain unpredictable for years after the fact. (The desire to make everything seem predictable and safe is a problem on both sides of the argument - it's politically expedient, of course, but hardly honest - there is no political arrangement without uncertainty - and the public are beginning to see through it). This is another illustration of the problems stemming from the media narrative of the referendum as a battle between polarised opponents, focused on sniping at each other rather than on elucidating the issues the public is anxious to understand. We badly need to open up public discussion of a wider range of possibilities where Scotland' political and economic future is concerned.
At present, many Scots find themselves dependent on putting their trust in one financial assessment or another based on how credible its exponents seem, without ever unravelling the details. Carney is to be praised for he clear language he used in his address, and this should be taken not as an opportunity for political posturing but as an opportunity to explore the pros and cons together, constructively, and invite more people in to the economic debate. If nothing else it is an opportunity for education that - whichever way the referendum goes - will benefit Scotland in the long term.