The people of the world want stable money. No longer will they have to care about money exchange rates and the best exchange currency transfer. If one single global currency managed by a global central bank within a global monetary union was implemented the benefits could be measured in the trillions, annually.
Take the Euro it still exists in the multi-currency world, where the value of the euro will fluctuate against other currencies – sometimes wildly as recently. If 16 countries can use the same currency, why not the 192 UN members? Those 192 countries use 141 currencies but the number is falling annually.
Surely it won’t be that long before the 25 EU members will be part of the European Monetary Union, and by that time, there will no doubt be more EU members to add. Several of the remaining non-Euro EU members are now seeking admission. The IMF has even urged several EU members to Euroize even before they join the EEC..
Another big advantage with a global currency is that as well as eliminating currency fluctuations, the use of a single global currency would eliminate the current foreign exchange trading expense of US$400 billion annually (a small percentage of the $3.8 trillion traded daily); eliminate currency risk; eliminate current account imbalances; eliminate the need for foreign exchange reserves (now totaling more than $6 trillion); and bring other benefits worth trillions, such as reducing the impact of global financial turmoil such as we are now experiencing.
The Single Global Currency Association promotes the implementation of a single global currency by 2024, the 80th anniversary of the 1944 conference. Thats only 15 years away. Will it happen time will tell.
In the meantime currencies and money exchange rates will of course continue to fluctuate. If you have to transfer money abroad in to a different currency you are at the mercy of market forces. There are however ways of getting the very best exchange currency rate, eliminating most, possibly all costs and very importantly in this climate making sure your money is completely secure.
