Second attempt by me Trade and travel would be a lot easier with a single global currency that we all use Do you agree or disagree with this statement Would a single currency cause any problems Give reasons for your answer and include any relevant example

Commerce and tourism are the two significant sectors in deciding a country’s economic power. It is hoped that implementation of a single, standardized global currency would be convenient in these areas. However, in my opinion, there are several drawbacks which need to be addressed before introducing this type of standardized currency, despite having some benefits.

Admittedly, the advantages of using single currency globally must be taken into account. Firstly, in trading, it would be highly beneficial for traders from different countries to exchange goods easily without the need of converting their currency into foreign currency. Furthermore, advertisement and communication among them would be comfortable when they opt for this global currency. Secondly, in tourism industry, if this type of money is introduced, it would be seen as a boon to tourists because they do not need to spend additional commission fare every time to brokers when they tend to exchange for a foreign money.

However, the dark sides of using this standardized money have to be analyzed. At first, when the whole world follows this single format money, there would be high possibility in circulation of fake currency. In addition to this, the job of human traffickers would be lot easier when they demand money in exchange of humans. Besides, when deciding the icons and details to be printed in the global currency note, there would be chances for arising conflicts among the comity of nations. Furthermore, the value of the currency in underdeveloped, developing and developed nations is not identical. Hence, it would be difficult to fix the denomination for the currency that suits for every nation. To exemplify this, in Indonesia, the value of their money is too low and even to buy a cup of tea the people have to spend a thousand bucks of Indonesian money.

To sum up, it is evident that usage of global currency would cause both benefits and drawbacks. Hence, to avoid the drawbacks, it is better to opt out the idea of using single global currency concept, since the cons far outbalances the pros.