Can a global currency really happen

In our world today, the issue of global currency unification is a controversial topic and has many biased opinions. The money used in a particular country is referred to as its currency. Every country in the world has its own currency. The currency differs from one country to another. The prices of goods also differ in each country. In some countries, prices go up and some go down. This helps many merchants to buy their goods from other countries and sell them in their country at a high price. In this essay, I will highlight the advantages and disadvantages of using a global currency by the world nations. The use of a single global currency has many advantages for society, especially for the individual. Firstly, When you want to transfer money to one of your friends abroad. You have to convert to a foreign currency and this will require a Currency exchange fee. Banks charge this fee for performing the service of exchanging the currency in your hand to another foreign currency you need. The use of a single global currency will eliminate and end this problem. You will be able to travel anywhere in the world and you will be able to use the same currency and thus no need to pay exchange fees. Secondly, Better utilization of money. When we use a single global currency it will eliminate any additional fees that we have to pay for various things. When countries no longer need to pay currency exchange fees to convert currency they'll end up saving money and may be able to better utilize it in other areas. An example of this we have Europe. After the euro currency was adopted as the single currency across the European Union, about 13 to 20 billion euros are saved each year by countries that do not need to pay exchange fees to conduct trade between them. Lastly, When merchants want to transport their goods from one country to another, the different currencies of different countries and the different exchange rates are an obstacle to the free flow of trade. When a single global currency is implemented this problem will be over and merchants will not have to worry about transporting their goods. and it will boost the volume of trade and transactions between countries. There will be price transparency in importing and exporting goods. Nothing in our world has as many benefits as there are no negatives. A global currency consolidation may also come with a lot of downsides. Each country has its own economic conditions. Prices rise in some countries and decrease in others. Creating a single global currency would mean creating a central bank that would have the sole authority to print currencies and set interest rates and goods. A global currency consolidation could lose countries' financial independence and governments would be forced to give up their autonomy over formulating economic policies that benefit them. This may not turn out well. Global currency consolidation may lead to economic crises. No matter how profitable the single currency market is, it can create problems when trading foreign currencies and currency speculation. On the whole, Global currency can help us in many ways. However, it does more harm than good, due to all of the negatives that a global currency can cause I don’t think that it will happen one day. It can lead us to many problems between countries. Therefore, countries will not agree with each other and the unification of the global currency is difficult to happen