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“Globalisation Demands A Single Currency” paper states thta the creation of economic circulation of the new uniform collective currency, and expansion of a field of activity of any already functioning national currency are the two tendencies that define the ways of development of this form of money…
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Different theories are presented by different scholars and researchers about the single currency. Some of which support the issue and some do not. Japan, Russia, Malaysia, Brazil, and Argentina are the major countries that will gain positive or negative side effects of the single currency.
A major negative side effect of the single currency will be faced by the dollar, whose value will decrease resulting in other disadvantages. Whereas, the transnational corporations will gain a more strong position. The extent that the capital flows we have observed from Europe to the United States are a critical piece of the story.
A possible solution may be a truly globalized world economy will certainly need a global currency. In case a single currency can keep the stability of prices, then it can favorably affect the potential of economic growth but the instability of the dollar poses a challenge.
The process of globalization emerging and spreading at the moment put a completely different dimension of problems before the states, the decision to which is impossible for most of the countries. An adequate answer to the challenges posed by globalization is the accruing tendency of regionalization which is a component of globalization phenomena but it also acts as the factor restraining negative external influence. One of the basic phenomena within the limits of expansion of the processes of regionalization acts the expansion of a level of cooperation of states in the currency sphere. This includes the means of creation of a uniform currency in various integration groupings.
A single currency represents the intricate phenomenon and a tendency of the search of an adequate and stable form of world money system by the concerned group of subjects of the international economic relations.
We can notice that in the Middle Ages, the facts confirming the existence of a given direction of currency cooperation.
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In response to globalization, the initiative of the European Commission back in 1969 was put in place to coordinate the economic policies as well as to set a monetary integration among the European Union. On the 1st of January 1999, the ‘Euro’ (€) was launched in the world money markets. Since then, Euro has become the unit of exchange for the EU states except for the United Kingdom, Sweden, and Denmark (Central Intelligence Agency, 2011). The decision behind the European Union is to make the inter-regional and inter-state trading much easier (European Commission. The EU Single Market, 2011). Back in 2007, the goal European Commission has proven to be very successful. Implementing the ‘Euro’ (€) currency in 1999 was part of the s...
... in Germany. When a country loses its currency in return for the Euro, it gives away its exchange rate as a natural tool balancing for the flow of money from that country to others in the region. The money in the economy becomes literally uncountable. When the stock of money decreases, there is a lower aggregate demand, which is reflected by the decrease in production. This had been the case for Germany. Each flow of capital from one part of Europe to another part increases the level of prices in that part and increases the level in the other. The German economists hoped that the weaker economies being covered in the southern areas would result in the depreciation in the singlecurrency. This would boost German exports as the currency would...
...?The case study depicted a scenario in which an apartment building was threatened by the formation of a union among the janitorial staff. These janitors already received great benefits including free apartment rental, but some employees were looking to unionize the janitorial staff. Some of the benefits of forming a union include increase in employee wages, reduce inequality, improve fringe benefits, and better pension plans (Mishel & Walters, 2003). Orval Schimel, a union organizer, held a meeting in which he gained the support of 6 of 11 janitorial workers. In the apartment building the supervisor, Larry Melton, was very mad that the employees were interested in forming a union. Mr. Melton began a behavioral pattern... case study depicted a ...
The Argument for and Against a European SingleCurrency
The establishment of successful unions of states requires the adoption of policies that can secure these unions’ integration. Monetary union is one of these policies, as the example of USA reveals. However, before such plan is launched it is necessary to check whether the achievement of such integration is feasible. The strong financial turbulences that have been developed in the states of European Union that joined the Euro zone prove that in Europe the plan applied in USA was not feasible, a fact related rather to the important cultural and economic differences between member states. Current paper presents the arguments that have been stated for and against...
...Business Economics 20 October 2008 The introduction of Euro has brought in many significant changes in the European Economy. The most noticeable of them all is the economic integrity brought by the introduction of the Euro. The positive effects are not restricted to economy but they also positively influence the political climate in the European countries. This paper will throw light upon the benefits and the problems of the European singlecurrency, which is Euro. In addition to this the paper will also focus upon the affect on other currencies by the present rise in the value of the Euro.
Benefits of European SingleCurrency
The introduction of Euro in the year 1999 signaled the economic integration of the European countries. Prior...
.... (Europa 2009)
The political groups are also involved in this debate. Some are in favor of the idea while others are completely against the joining in the singlecurrency. Individuals believe that the UK will lose its sovereignty by adopting a singlecurrency. The government will have no control over the economic decisions and not all the decisions by the European Union are in favor of each and every member state. Public opinion in this regard is totally against the joining in the singlecurrency. The major reason that the UK is still not a part of EU is its strong currency and the demand of pound sterling in the world market. UK has maintained its own separate identity through pound sterling. The city of London in UK is one of the most...
...The Euro: European SingleCurrency The idea of a European common currency had been in the drawing board since 1993, but the Euro as EU's common currency went into circulation in 1999 and was considered as a
major step towards European integration. The ratification of the Maastricht treaty in
November of 1993 was responsible for the creation of the European Monetary Union or EMU
and adopted the Euro as their common currency (European commission, n.d.). When the Euro
was introduced into EMU on January 1, 1999, it became the new official currency of the 15
member countries thereby replacing their old national currencies like Deutschmark of
Germany and Franc of France. The Euro was introduced first as a virtual currency...
This paper illustrates that the European “dollar hegemony, thawed out frozen masses of immobilized capital, increased the volume and value of international trade, and opened and expanded markets on a vast scale. It created pressures that, if not irresistible, at least required better and more tenacious defenses, opened horizons beyond anything previously imaginable, yet also posed new regulatory challenges”. There are many advantages and disadvantages in implementing a change of work, place, policy, statute, condition or environment. There are successes, failures, and depression brought about by the fluctuations in a currency's market price. The f...
Assess the costs and benefits of a singlecurrency. Should UK adopt the Euro?
One of the major requirements for the successful operation of an organization is the cooperation between its members and the application of a common strategy. In a similar context, the existence and the survival of the European Union cannot be considered as possible without the recognition and the acceptance of a series of common principles and practices by all its members. Towards, that direction, the monetary union as expressed through the introduction and the use of Euro as a common currency in the member states, is an indispensable element of the success of the policies set by European Union (as a representative body of the participated...
...SingleCurrency in Europe
It was in 1999 that Europe has launched a SingleCurrency for the region. The singlecurrency of Europe was named as Euro. Prior to the formation of Euro every countries in the European Union was following their individual currencies. After 1999 all these individual currencies were replaced by the Euro. All member countries agreed to fix the exchange rate of their currencies after 1999. (European SingleCurrency, 2010) The main agenda behind the launch of Euro was to make the European Union equally competent with that of the US. Trade between the European Union countries became less restricted by the launch of Euro. After 1999, Euro became the immediate contender to the Dollar. For coordination...
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