How Is the United States Economy Effected If Most Countries Peg Their Currency with Euro?

593 Words Nov 16th, 2014 3 Pages
There are a lot of different pros and cons when asking this question. In my opinion this would be terrible idea because every economic system is not the same. Therefore if this were to take place it would it automatically eliminate a numerous amount of great opportunities and achievements that the United States economy has worked so hard for, for so long. Loss of national sovereignty being a tremendous downfall for the United States economy being that the whole goal of the United States were to be independent. In such a union, not every member country is as strong or weak as the others economically or structurally. Meaning right now the United States as well as other countries have certain boundaries and threshold within their …show more content…
in the same bracket. Would the U.S. be willing to accept that? How would the hypothetical global central bank decide on common interest rates for underdeveloped countries like Somalia, emerging countries like India and developed countries like the U.S.? There would be mayhem! A few countries may gain, but a number of countries might just go into crisis the very next day. I believe this statement to be very true due to the fact that every country is economically equal so this would only benefit countries that have a good economic system. What the Euro experience has taught us is that even countries which are not vastly different from each other in terms of economic health, can face a phenomenal crisis within just 10 years of the creation of the single union. How then would you expect a global currency encompassing countries with vastly different structures, in vastly different stages of growth and using vastly different means of managing their economies to be stable? It's not only improbable, but close to impossible! I agree 100% with this article because it only makes since to be independent as countries everything that the united states has worked for would go to waste due to the fact that everything that the us economy has have been built on freedom and independence if most countries were to come together as 1, It would only defeat the purpose of everything that the countries have created on their own. The last thing that should be
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