Challenges between Nations - Research Paper Example

In the case of the introduction of the same concept and common currency, the same obstacles might come forth in the case of the American continent. With each country enjoying its leverage in different sectors. Secondly, the threat of impact on one would lead to impact on all which has been seen in the case of the European Union. Therefore each of these three nations would object to this idea. Other challenges include the rate difference in the currencies of the three states. The possible solution can be found in form of domestic currency versus international currency as a common currency. However, it is still far from practical implementation. In a personal capacity, having seen the challenges faced by the European states and especially with the relatively meager states in Europe such as Greece, Portugal, and Spain that have been time and again bailed out and despite that, they have found it difficult to continue with the common currency, therefore a common concept prevails that the common currency may not go too well in the favor of the weaker economic states such as Mexico in particular.