Title: Why We Don't Use One World Currency - The Pros and Cons - ExTravelMoney
Headings: Why We Don’t Use One World Currency – The Pros and Cons
Why We Don’t Use One World Currency – The Pros and Cons
Benefits of one world currency
1. Elimination of currency exchange fees
2. Better utilisation of money
3. Free flow of Trade
Disadvantages of one world currency
1. The economic conditions of each country is different
2. Loss of financial autonomy of a country
3. Brewing up an economic crisis
Comments

Content: The example of Europe is fitting here. The European Commission estimates that after the euro was adopted as a single currency across the EU, around 13 to 20 billion euros were saved every year by nations not needing to pay exchange fees to conduct trade between them. This brings us to our next point…
3. Free flow of Trade
Different currencies for different countries and their varying exchange rates are an obstacle to the free flow of trade. When a single world currency is implemented it will boost the volume of trade and transactions between countries. There will be price transparency of importing and exporting goods. When the Economic and Monetary Union of Europe was created in 1992 and the Euro was adopted as the common currency, trade between EU members increased by 8 to 16%! Now that we’ve discussed the pros of a one world currency, the case seems fairly straightforward right?? You might be asking now why we haven’t still done this! Why haven’t we adopted a single currency?