Commenting on the release of the new World Economic Forum rankings, Research Director of the Adam Smith Institute, Sam Bowman, said:

The World Economics Forum's global rankings of economic development, released today (Wed, 3rd September), have named Panama as having the twelfth soundest banks in the world. Panama also scores well in a host of other financial stability metrics, which is particularly impressive given that Panama is a middle-income country.

This is good news for Alex Salmond: Panama uses the US dollar without a currency union, and the 'Panama option' may be his best bet for an independent Scotland. Today's results suggest that emulating Panama by 'Sterlingising' without a currency union could give an independent Scotland a remarkably robust financial system, because Scotland's banks could not depend on an unlimited central bank lender of last resort.

Notes to editors: The Adam Smith Institute takes no position on the Scottish independence referendum and produces research for public information purposes only.

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The Adam Smith Institute is an independent libertarian think tank based in London. It advocates classically liberal public policies to create a richer, freer world.