Currencies and Globalization

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Globalization > Best Practices > Currencies and Globalization

Currencies and Globalization
Stephen Komla Bokor, Teacher, Ghana, Member
Can we have a global market when we still have different currencies? (...) Read more? Sign up for free

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  Global Market does not Require a Single Currency
edward sevume, Sweden, Member
  Yes we can as currency trade is gone global. There is trading in international currencies and besides, the strength of all participants in the international trade has a direct correlation on the effectiveness of the internal economies which in turn is influenced by other ingredients such as political stability and organizational structure!

  Financial Globalization Needs a Single Currency
Jaap de Jonge, Editor, Netherlands
  According to Sushanta Kumar Mallick, "Financial globalization, by definition, means the integration of financial markets of all countries of the world into one. This is only possible provided uniformity can be brought in the terms and conditions across the globe for raising international loans. The existence of different currencies with their different degrees of convertibility prevents uniformity in the terms and the conditions for loans. Consequently, not only does the existence of different currencies act as a barrier to such integration, but it disproportionately benefits the developed countries. This problem can only be eliminated provided a single worldwide currency is introduced. In its absence, financial globalization remains incomplete."
Source: Sushanta Kumar Mallick, "Financial Globalization: The Need for a Single Currency and a Global Central Bank" (pdf).

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