Title: Can We Have a Universal Currency?
Headings: Can We Have a Universal Currency?
Can We Have a Universal Currency?
What is a universal currency?
Isn’t the US dollar already the universal currency?
What are the pros and cons of a universal currency?
Can we have a universal currency?
Businesses still need competent translators even under a universal currency
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Content: It’s not compulsory for other countries to learn and use English, but they opt to do it because they want access to things that are in English. The US dollar is a necessity for many countries, but it is not mandatory for everyone to use it. It’s not similar to how the Euro is the established currency for the members of the European Union under the eurozone, supplanting the currencies the member nations used previously. Many countries keep dollar reserves and use the US dollar because the value of their currencies are pegged on it. Here’s a brief history of how the US dollar became the foreign exchange standard. In the past, most countries followed the gold standard, wherein currencies are pegged on the value of gold. However, this kind of system became inconvenient for international trade. That’s why the governments of several countries came up with the 1944 Bretton Woods Agreement, which paved the way for the US dollar to become the benchmark for establishing the value of a country’s currency. This allowed the countries that were parties to the agreement to back their currencies with dollars instead of gold. In short, the US dollar is not a universal currency.