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What Importance does a Currency holds as World Currency?

  • July 2014
  • Posted By Ninoslav
  • 0 Comments

This is one trouble which tourists and people who travel beyond borders often face. Some countries are ready to accept different money, while most others are not. But that trouble was avoided once this term of World Currency was coined and intercepted. Acceptance of some currencies worldwide solved problems in many spheres.

And how was such a thing achieved? Well, money of those countries which are treated as super-powers and have a strong economic structure is accepted worldwide. Currently, the US Dollar and Euro have profound global acceptance. They generally remain stable in the Foreign Exchange Market and that contribute as a reason. Also, the Japanese Yen has also been gaining worldwide acceptance of late.

Such has been the overwhelming acceptance of these currencies that some countries have forgone their own for these ones. Neighboring countries of USA and non-EU members have also started adopting the US dollars and Euro respectively. Upon comparison between these two though, the US dollar gains an upper hand over Euro as per global currency reserves.

Proposed theories
Keeping the dominance of USD and Euro in mind, several countries and institutions over the world have raised their voices for a singular currency that will trend worldwide. Also, a central bank needs to be set-up to oversee its functioning. However, such talks have remained as theories and proposals only. Nothing was able to materialize in this front due to several causes, which have rendered such proposals futile.

As such, only some stable currencies like the ones mentioned above have come to be known as World Currency. In future, there may be scope for a singular one not belonging to any particular nation. But has such information filled your knowledge to the brim? If there is space for more, consider reading “What can one know about an optimum currency area”.

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