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Although some people might balk at the idea of every country in the world sharing a unified currency, it could very well be a worthwhile endeavor to eliminate quite a few problems plaguing international politics and economics, concerning the increasingly global dynamics of our society. Consider the example of the Euro. Indeed, at first the consolidation of many currencies into one was "rocky" to say the least. As a casual observer on the sidelines, I noticed some obvious consequences to currency unification, which came into play as multiple European currencies became one.

First, the problem of currency exchange rates immediately became an issue. Some national currencies were worth more than others, creating havoc during the first stages of the changeover period from national currencies to the Euro, leaving some people feeling cheated. Many people complained about the rise in the average price of goods, which used to be cheaper under their national currencies. The whole economic system of the European Union was in flux.

Of course, there is also the idea of a national currency as a symbol of something, which makes a nation unique from other nations, giving a sense of national pride. Embracing the Euro meant giving up that symbol of nationalism, for the greater good of Europe. In the end, unifying European currencies was the logical thing to do. The numbers do not lie. The Euro has grown stronger than the U.S. dollar, which had been considered the "gold standard" of currencies throughout the world for many years.

As our world becomes "smaller", it only seems logical to create one currency for all nations. Considering we already have a "global economy", why not? Having one currency could help offset the imbalance in global trade. How much business and trade has been shifted towards nations with currencies of lesser value?
Having a global currency could shift the focus of businesses towards higher standards of quality, rather than quantity. This would make the quality of the products we buy, better!

Along with global trade, comes global politics. Some countries artificially keep their currencies low, making them seem more appealing to foreign investors. In the long term, this helps to create an imbalance in global trade, especially when the country with the artificially low currency does not import as much as it exports. Unfortunately, this scenario is already playing out in today's global economy. Indeed, this matter is a current subject for serious diplomacy, which so far has not achieved results, but consider the possibilities if we were under one currency. Diplomacy would be saved for matters of human rights abuses, and higher standards of living throughout the world. It is my thinking that we must join together monetarily, if we are to maintain a true global economy. Otherwise, the economic imbalance will eventually tip the scales, creating global economic chaos.

The power and prestige of the United States dollar has taken its course. The Euro is fast becoming the new "gold standard" of currencies. Why not join our riches together, creating a unified monetary system? I will stop short of saying it could help bring about world peace, but one never knows.

Learn more about this author, William Neal III.
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