Posted by Allison on 5 July 2013, 07:26
The idea of a single world currency is not a new one. Indeed, there have often been rumblings and talks about such an event at various points in time. There are leading supporters of this idea around the world, but while the idea has gained traction among some people, we are still a way off from ever giving the thought any serious consideration.
We only need look at the conditions in the Eurozone to see a warning across our bows in this sense. Years ago it was hailed as a great idea to have a single currency across a number of very different countries. All the while things were going well and the economic conditions were doing well, things were fine. However as soon as the recession hit, things changed.
We all know what has happened in the Eurozone since then, but now let’s transfer this idea of a single currency to the world as a whole. Just as there are very different countries and ways of living across Europe (which is just one continent), so there are very diverse ways of living across the entire globe. How can we assume a single world currency would not affect the way of living as we all know it?
Indeed, it might be true to say we are living in denial to some extent if we thought a single currency would work across such a vast and diverse area. The point to remember is that the Eurozone does not just share one currency. It shares rules and regulations that do not suit all the countries that live by them. This has caused untold problems and upheaval, so how can we assume it would work on a global level?
Hopefully we shall never see what might happen in this situation. It may just be too much for any country to cope with. Indeed, there might be no going back from such a situation – and it could be catastrophic.