Optimal Currency Area Theory and the Scottish Question

From EconBrowser:

Ronald MacDonald (Glasgow) concludes that a currency union will not work for Scotland. From The Guardian:

One of the world’s top economists has warned that an independent Scotland’s economy would crash within seven years if it tried to use sterling.

Professor Ronald MacDonald, a currency expert who advises the International Monetary Fund and the European Central Bank, said the Scottish government’s plans to use sterling after a yes vote were fundamentally flawed, even if Alex Salmond’s proposals for a currency union were accepted by the UK. The Scottish economy would shrink by up to £100bn by 2023, MacDonald said.

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For crying out loud the Professor's name is MacDonald.
And he holds the Adam Smith Chair.

See his blog at: http://ronaldmacdonaldblog.tumblr.com/  and his personal web site: http://ronaldrmacdonald.wix.com/ronaldmacdonald