ONE WORLD CURRENCY._ Advantages and Disadvantages
Sometimes people think, why is there not a only single currency in the world?
let's talk about its advantages And why all the Nation not adopted it till now?
- Transaction around the World become easier, transparent and predictable.
- Elimination of currency exchange fees.
When we exchange our currency with other currency, bank charges fees for performing the service.
Then obviously, when it is done on large scale the transaction amount fees is bigger.
- Due to global currency Volume of trade and transaction between the nation will be boost.
Why all the nation not adopted it till now?
There are lots of reason for this.
Some of them are:
- Overlapping political interests between the nations.
- Not having common economic agenda.
- Every Nation print its currency according to their religious, cultural and geographical backgrounds by which people like their currency and feels patriotism.
- The currency of a nation is unique symbol for their economy and which marks its independence and sovereignty
- Establishing a global currency means establishing a central authority that regulate the print of notes, sets interest value, rules and regulation.
And that Central Authority must be act as uniform,and unbiased manner.
Problems of uniform laws.
- The economic condition of every country is different. sometime it will be good for some nation and sometime it will be disastrous for some nation.
- Nations will lose their financial autonomy and can not enjoy finincial flexible policy according to their conditions.
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