With the use of one global currency, there will be many benefits in travelling and cross-border business. I agree with the statement that trade and travel would be a lot easier with the use of one global currency. However, there might be some problems. Let’s discuss the pros and cons.
When thinking of one currency, everyone points to the Euro. It is a common currency which is being used in multiple countries of Europe. European citizens and other tourists travelling to Europe don’t have to carry multiple currencies. Only one currency works in such countries and people don’t bother about the exchange rates as well. Similarly, global deals of business and trade will be straight forward as this will be without the fluctuation of forex rates. The conversion hassle and global acceptance of a currency would be reduced and some monopoly in trading would be reduced.
Although, the idea of global currency is very appealing but there might be some issues in its implementation at the global level. There are more than 200 countries and each has its own currency. No two currencies have the same exchange rate. During the crossborder deals, the forex difference plays a vital role. With the use of one single currency, countries having higher exchange rates with respect to other will be at receiving end and have to bear the deficit.
In the end, it is concluded that one global currency is beneficial for the general public. But there would be challenges in its implementation. Once the problems and issues are resolved, it would be a lot easier for the business community as well as for the travellers and tourists.
With the
use
of one
global
currency
, there will be
many
benefits in travelling and cross-border business. I
agree
with the statement that trade and travel would be a lot easier with the
use
of one
global
currency
.
However
, there might be
some
problems.
Let
’s discuss the pros and cons.
When thinking of one
currency
, everyone points to the Euro. It is a common
currency
which is being
used
in multiple
countries
of Europe. European citizens and other tourists travelling to Europe don’t
have to
carry multiple
currencies
.
Only
one
currency
works in such
countries
and
people
don’t bother about the exchange
rates
as well
.
Similarly
,
global
deals of business and trade will be straight forward as this will be without the fluctuation of forex
rates
. The conversion hassle and
global
acceptance of a
currency
would be
reduced
and
some
monopoly in trading would be
reduced
.
Although, the
idea
of
global
currency
is
very
appealing
but
there might be
some
issues in its implementation at the
global
level. There are more than 200
countries
and each has its
own
currency
. No two
currencies
have the same exchange
rate
. During the
crossborder
deals, the forex difference plays a vital role. With the
use
of one single
currency
,
countries
having higher exchange
rates
with respect to other will be at receiving
end
and
have to
bear the deficit.
In the
end
, it
is concluded
that one
global
currency
is beneficial for the
general public
.
But
there would be challenges in its implementation. Once the problems and issues
are resolved
, it would be a lot easier for the business community
as well
as for the
travellers
and tourists.
4Linking words, meeting the goal of 7 or more
27Repeated words, meeting the goal of 3 or fewer
3Mistakes