Title: International Monetary System | Empire Resume
Headings: What is the International Monetary System?
What is the International Monetary System?
History
Bretton Woods
International Monetary System
Currency Regimes
Fixed Exchange Rates
Fixed Exchange Rates: Pros & Cons
Flexible Exchange Rates
Flexible Exchange Rates: Pros & Cons
Euro
Euro Benefits
Euro Problems

Content: On January 1, 1999, the Euro was created and originally replaced the national currency of 11 European nations. Euro Benefits
The positive corollaries from adopting the Euro included smoother business operations, since imports and exports between Eurozone nations were no longer subjected to fluctuating exchange rates. Additionally, tourism significantly increased since members of the Eurozone would now be able to travel to multiple locations within the Eurozone without having to exchange their currencies on a frequent basis. Another less concrete but still apparent benefit was the pride among nations in being part of a larger group with one unified currency. The Euro has proven itself as a successful currency and has resulted in booming exports for powerhouse and peripheral countries and low interest rates for many years. Euro Problems
Some negative reactions to the Euro included that it could not accommodate both industrial powerhouses (including Germany and smaller countries such as Greece) and predicted that under a single currency, millions would lose their jobs and that nations would be stripped of their pride and independence. Also, in the Eurozone, many citizens were discontented to join as their country would be giving up a vital characteristic of their homes, as well as their economic flexibility. This is happening today with the United Kingdom scheduled to leave the European Union in early 2019, which is known as Brexit. Many countries that joined the Eurozone had low approval rates due to the loss of a national autonomy and the burden of paying higher prices for goods and services. It is very important to understand exchange rates when working or traveling outside of the U.S. since your dollar may be worth much more or less than you think.