The question over what currency Scotland would use if it became independent has dominated debates since the referendum was announced.

While the Scottish National Party (SNP) repeatedly insists that an independent Scotland would retain Sterling, politicians from all other parties have said "walk away from the UK and you walk away from the pound."

However, speaking to IBTimes TV, Deutsche Bank's FX strategist Oliver Harvey revealed that in any case, there is "no good currency option" for an independent Scotland.

The two key options - staying within a currency union, or even creating a new Scottish currency, would both be complex and risky, as Figure 1 shows:

Deutsche Bank