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The End of National Currency

Author: Benn Steil, Senior Fellow and Director of International Economics
May/June 2007
Foreign Affairs


Global financial instability has sparked a surge in "monetary nationalism" -- the idea that countries must make and control their own currencies. But globalization and monetary nationalism are a dangerous combination, a cause of financial crises and geopolitical tension. The world needs to abandon unwanted currencies, replacing them with dollars, euros, and multinational currencies as yet unborn.

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