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Can a global currency really happen

Can a global currency really happen 80l8P
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
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
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