The Possibility of Creating a Global Currency, and the Path to Its Realization

Enfu Cheng, Cui Wang

Research output: Contribution to journalArticlepeer-review

Abstract

The more that economic globalization develops, the greater the need for unity of world
currency. At present, people have come to realize the dangers of US hegemony so they strengthen
national and regional monetary cooperation. The birth of the euro proved the possibility of the
removal of sovereign national currency within a region. Therefore, the idea of achieving broader
monetary cooperation and establishing a single world currency and world central bank should
be put on the agenda for the elimination of the international financial crisis and global economic
governance. This article first analyzes the existing contradictions in the world economy, and then
discusses the necessity and possibility of creating a global currency and the path to its realization.
Original languageEnglish
Pages (from-to)543-561
Number of pages19
JournalWorld Review of Political Economy
Volume2
Issue number2
Publication statusPublished - 2011

Keywords

  • international monetary system
  • world currency
  • US dollar
  • euro
  • Asian dollar

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