A Call for More Multinational Currencies
Have you noticed that almost every country has their own currency? The only exception is the European Union where over a dozen countries share a single currency, called the Euro.
Having a single currency with friendly neighboring countries has several advantages, but mostly the largest advantage is that each country is part of a larger economic market that has free trade zones for services and goods that ultimately increases economic development and prosperity for all countries involved. There are also huge cost savings when producing and regulating a single currency. Additionally, national currencies are more likely to be unstable, thus making the economies of other countries less stable too.
If you take into account all the small countries with relatively small economies, it makes sense for them to band together to form larger economies. Even large and prosperous countries can boost their economies by doing so as well. For example, the economic ties between the United States of America, Canada, and Mexico are already heavily integrated with each other, yet the Mexican currency has repeatedly faltered in the recent past and is currently considered still unstable and poorly regulated. Merging the three economies with a single multinational currency would increase stability and profitability for all three countries.
So, why havenít more countries merge their currencies with neighboring and friendly countries? Truth be told, there are a few countries trying to enter the European Union. However, most countries are not even considering this.
World leaders are most likely afraid of losing direct control over their economies, even though most economists believe multinational currencies are beneficial for economic development. For example, when the European Union first established the Euro, their economy was considered smaller the economy of the United States; however it is now believed that the Euro has surpassed the US Dollars. Other world leaders are isolationists who believe only citizens from their country are interested in helping their country prosper. Whatever their reasons, logic and facts dictate that we are stronger together than apart.
So, please help convince your governmentís leaders that united economies with multinational currencies can and will help your economy.
by Phil B.