eli5: Why can’t there be just one currency in the whole world?
In: Economics
It mostly won’t work because there are different countries in the world and each country reserves the right to manage their population, organize their politics, and adopt their own societal values. A single currency would take away a lot of this capability from each country’s government. Therefore, no country would easily give up this power without some kind of guaranteed behavior by the currency issuing body. With so many countries, it would be nearly impossible to cater to each and every need and want of each country – as the needs and wants change over time and due to circumstances (eg if an agricultural country had a big drought, it might need the flexibility of their currency exchange to mitigate the problems in the short term).
This is slightly beyond ELI5, but you can research what happened to Greece when it had problems but was tied to using the Euro.
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