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Background
The creation of the Euro in 1999 was a historic and ground-breaking event, as 11 independent nations shed part of their individuality and all adopted the same currency. Surprising its many early skeptics, the Euro matured into one of the most efficient and heavily traded currencies, proving the success of the largest monetary changeover ever. The introduction of the Euro made it possible for people, services, capital, and goods to move freely throughout Europe, greatly facilitating travel and trade. The Euro's success in Europe caused the long dormant idea of a Universal currency to reawaken and to once again become a hot topic. The concept of uniting the entire world under a single currency was first introduced in the 16th century by an Italian noble and while the idea may sound radical even today, it is advocated by many respected economists including Nobel Prize winner Robert Mundell.
currency system without exchange rate volatility would ease the fears of creditor nations and might even encourage more lending between nations.
Central Bank's (ECB) deft handling of its monetary policy and the ECB's management of the Eurozone economy. The bank's independence and strong leadership have ensured that for the most part the difficult, but correct decisions have been made.
Final Point
In the aftermath of World War II, the idea of creating a universal currency was discussed at the Bretton Woods Summit, but eventually dismissed because the United States and Great Britain disagreed on which currency to base it on. The United States wanted a dollar-based currency called the "unitas", while Great Britain was in favor of a pound-based currency called the "bancor". In light of this piece of history, it is easy to understand why even the staunchest advocates of a universal currency do not expect its inception anytime soon. Considering that a small dispute over the base of the currency between only two nations was enough to scrap the idea, the idea that the entire world will eventually agree on every single issue seems far fetched at this point in time. Perhaps the future will bring a changed political and economic landscape more receptive to the creation of a universal currency, but until then it will remain a radical idea. Before dismissing the thought entirely though, consider that when the unification of Europe under the Euro was suggested, many initially doubted its prospects for the same reasons as those listed above. However, not only does the Euro exist today, it is a thriving currency worth more then the United States dollar and thus should provide a small ray of hope for those dreaming of a world wide currency.