He said Scotland would stay in the "sterling area until the Scottish people decided to do otherwise".

BBC: First minister's questions

The second area of dispute is the future of sterling outside the single currency.

ECONOMIST: John Bull stays at home

Although Seddon Atkinson has been able to cut its costs and prices a bit in sterling terms, because around 25% of its materials are imported from the euro area, its European rivals have enjoyed an even greater advantage.

ECONOMIST: The economy