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feel akin to larger nations, sharing in the same currency of wealth, while confident in the knowledge that their smaller economies wouldn't be swamped with foreign investment currencies. A single currency would bring the world together, perhaps acting as a precursor to joined-up world governance; one currency, one voice, one world.

Or is that the case?

The Cons:

As was seen in the run up to the introduction to the Euro, the monopoly-like money of the European continent, countries hated the fact that they were giving up centuries-old currencies. There is still opposition to it. People believed that they were giving up their independence, identity, and sovereignty to the European Union, whose parliament is made up of faceless bureaucrats, to most Europeans. The fate of one's own economic policy would lie away from their native countries. Luckily Britain has so far declined to join and has survived well without it, proving that a joined-up currency policy is not needed to prosper.

Not all nations are equal in their economies. Continent-wide single currencies may the precursor to a single global currency, but the third world countries and other weaker nations would have to come up to a certain economic standard, before a strong global currency overwhelmed their system. Even throughout Europe, the Euro is worth different values between the more prosperous west than in the east. Products and labour have differing values; prices will change in accordance to more local conditions, so there would still be some kind of discrepancies and exchange' rates from country to country. How could this be controlled?

How would institutions like the IMF and World Bank fare in this currency transition? A new global financial institution would have to be created, along with more bureaucracy and administration. The location of any central currency administration may be disputed so not to imply that a powerful nation controlled all of the world's money. Surely some of the multinationals would lose several divisions and others become defunct? Far from being streamlined, the banking system would be gutted, leaving thousands unemployed with lost revenue and taxes from foreign exchanges.

A single global currency would instigate globalisation, trade imbalances, and elimination of competition. It is also classic putting your eggs in one basket; a financial no-no. There would be no fall back just in case. Globalisation through a global currency would seem very Big Brother like. No world government

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