Should we have one currency?

From Prof. Raghavendra Rau’s Garden Talk “Where does money come from?
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There are pros and cons to having a single global currency.

One potential benefit of a single global currency is that it could facilitate international trade and finance by reducing the need for currency exchange, we've seen this with the euro. This could make it easier and less costly for people and businesses to buy and sell goods and services across national borders. A single global currency could also help to stabilize the global financial system by reducing the risk of currency fluctuations and speculation.

However, there are also potential drawbacks to having a single global currency. One concern is that a single global currency would give a single central authority, such as a global central bank, significant control over the global economy. This could lead to a loss of economic sovereignty for individual countries, as they would be unable to use monetary policy to respond to economic shocks or address imbalances in their own economies. In addition, a single global currency could potentially be vulnerable to manipulation or abuse by governments or other powerful actors.

Overall, the decision of whether or not to adopt a single global currency is a complex one that would depend on a variety of factors, including the potential benefits and drawbacks, as well as the feasibility of implementing such a system.

Learn more about this with our series “Unequal Society”

Our societies are becoming more economically unequal, but what can we do about it? Join the director and researchers of the IFS to discuss what needs to be done, and what's possible, to build a better future

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