The world tourism and business operations rely on currencies for transactions. I firmly believe that a common denomination of money will make the trade operate smoothly, considering points such as saving time, less hassle and removing any unethical practices during the execution without any potential issues. These areas are discussed below in the following essay.
Firstly, to start with the reason for me to accept the above statement is the amount benefits it does consist of. One of the major points to highlight is that the hassle people go through in converting the local currency into a foreign, and the related charges involved will not affect in future to ensure secure, easy cash exchange. Additionally, any fraud that can occur during this process will be eliminated, for instance obtaining fake notes, and bearing unfair rates from the black market. Moreover, the time that everyone had to spend on this activity will no longer exist.
The above decision will help the global economy develop in many ways. As a result, many countries could experience tourism boost, stock exchange rise with more international share purchases and add more value in globalization. Furthermore, the two major vital sectors which frequently have this purpose are education plus medicine on international trades will not have the necessity to bear unrealistic cross border rates.
By executing this plan, I do not see any major drawbacks in the global stage apart from the competition that can be raised against the well-established countries in terms of the reserves they carry in their banks. Because one currency will create equality in the money market.
In conclusion, I do absolutely agree and hope for a better future in the respective fields based on this change.