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There is a currency crisis within the fi nancial crunch that can lead to the breakdown of States. What was obvious yesterday, the correspondence between State and currency, is not obvious today. A very clear example is what is happening in Scotland. The independence referendum will be held very soon. If «yes» wins, what currency will the new State have? Will it join the euro, its fi rst choice prior to its crisis, or will it retain sterling? Would the latter choice affect the political autonomy of the new State? The third option would be free banking, but it would be a radical choice.