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Contributor: codc01
Date: 2003-04-16 13:34:26
"Globalization demands a Global Common Currency. "
I respectfully disagree with this sentence. Money is a symbol of National soveregnity (a bit like out flag), at least it is for me, and I wouldn't like it for Canada to lose its identity...
And on a more practical side, who would set the bank rate? If one economy goes better than the others, then what would the central bank do - forget that single economy and lower the interest rate, even if it will provoke inflation in the country which has a good economy??
Canada is in this position today, we have the strongest economy of the G7, and this is reflected in our prime lending rate by the Bank of Canada. What would happen if there was a global currency?
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