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.
|World Review of Political Economy
|Published - 2011