Scotland will "most likely" have its own currency if it splits from the UK, a report from Barclays claims.
The research says Scotland's financial situation makes joining the euro "even more difficult" so a separate currency "may be the most likely".
On creating a new Scottish currency, the report states: "An independent currency would provide the maximum degree of flexibility for policy.
"If Scotland chooses independence and chooses an independent currency - regardless of regime - the most important question for currency markets will be how to value the new Scottish crossbill (Scottish currency) and (the pound)."
Scotland will vote on whether to become an independent nation in September.