EURO AS A CASE STUDY FOR CREATING GLOBAL PAPER MONEY
EURO AS A CASE STUDY FOR CREATING GLOBAL PAPER MONEY

Summary/Abstract: In Economics, it has not been valorized the practice of euro’s successful development in the EU as a case study for creating global paper money. On the assumption that the EU can be perceived as the world on the whole (regarding all dissociations in terms of their differences), it is a fact that the Eurozone countries which had accepted the euro as a single regional currency, in reality, proved that there was a possibility of creating “global” paper money. It would be in accordance with the objective process of dematerialization of commodity money whose functions were integrally performed in the system of a gold standard. The idea of the euro’s case study arises from the fact that the Eurozone countries’ national currencies have transformed themselves into one currency, whereas the other EU countries retained their national currencies and established rates of exchange in terms of the euro. After a nearly two-decade euro’s rise (of course, along with many difficulties), it was created a situation where the euro (the Eurozone single currency) can be observed as an opportunity for creating global paper money. It means that a few more developed countries can also use their currencies to create global paper money (for instance, Global), whereas the other countries in the world can determine their currencies’ value in terms of the Global, and they can also struggle to enable themselves (if they intend to join the system of global paper money) to use the benefits of the global market. In this context, the previous problems in relation to the euro’s functioning would also present potential problems to the future global paper money. However, many of them can be avoided from the beginning, based on the experience acquired by strengthening the euro’s functions. After having abandoned the monetary systems of the gold standard, by fulfilling the idea of creating global paper money on the pattern of the euro in the European Union, there were created conditions for overcoming the problems generated by the national currencies which perform an international role of intensifying the integrative (globalizing) processes in the world.

• Details
• Contents