January 19, 2020
  • 9:00 am Send Money Online – Importance of Front-End and Back-end Technology for Online Money Transfers
  • 8:40 am Sending Money to Bangladesh Online is a Common Method of Remittance in This Developing Country
  • 7:35 am Send Money Online – What are the Must-Have Features in a Money Transfer App?
  • 7:25 am Send Money Online – Who Serves Money Transfer Businesses?
  • 7:15 am How Long Does It Take When You Send Money to Nigeria?

A single currency is a unified currency which is used by more than one country. The classic example of a single currency today is the euro. Euro is used by all the member states of the European Union. A single currency benefits the economy a lot. The goal of the European Union to follow a single currency was to achieve those benefits which a single currency could offer.

In the early 1990s, an Economic and Monetary Union (EMU) was launched that explained the potential of the Single Market. The decision of establishing a single currency was also seen as a tool for integration and unity. Basically, the idea of a single currency was a tool for fighting back rising nationalism at that time which was not beneficial for the countries. A unified currency in the EU benefited the states mostly in the area of trade. Trade system in EU does not apply any taxes when it comes to trading between the member states. People can easily sell and buy goods and services within all the states of the European Union.

By taking the decision of following a single currency, the EU believed that such huge similarity existing among the states could strengthen the relations and the integration will be irreversible in the future as well.