I always used to think that being able to tour Europe while never having to exchange my money was a good enough reason to have things such as the Euro. But now having traveled abroad a bit I have come to love that one of my CCs does not charge extra for foreign transactions and that with debit cards I can pull out exactly how much I want for a very marginal fee (both receive the prevailing exchange rate of the day).
In lieu of the European Debt crisis and with non-Euro EU countries apparently doing great, I'm starting to wonder do the pros outweigh the cons in regards to single currencies? Should we be going in the opposite direction? Would Arizona and Massachusetts benefit from different currencies? Probably, though I'm not actually advocating that. What I am saying is that in order for a single currency to work you need to collaborate on everything else; wages, business practices, tax rates, bank regulations, etc. If you can't do that then you should forgo the single currency and focus more on making currencies easier to exchange so as not to confuse the consumer.
In lieu of the European Debt crisis and with non-Euro EU countries apparently doing great, I'm starting to wonder do the pros outweigh the cons in regards to single currencies? Should we be going in the opposite direction? Would Arizona and Massachusetts benefit from different currencies? Probably, though I'm not actually advocating that. What I am saying is that in order for a single currency to work you need to collaborate on everything else; wages, business practices, tax rates, bank regulations, etc. If you can't do that then you should forgo the single currency and focus more on making currencies easier to exchange so as not to confuse the consumer.
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