why can’t the UN have a completely unified currency?

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This came up in conversation between my mom and I talking about Euros and how cool that is to me (Canadian). I then wondered why we can’t just have that everywhere and all she could say was “it wouldn’t work, what about less profitable countries” and I said “they’d just make/have less?” She did not like that answer and I really wanna know the real reason on why that wouldn’t work bc in my mind since we made up money why can’t we just make up how new money works???
Please explain like a teacher explaining why a kid can’t share 3 m&ms with 28 people

In: Economics

21 Answers

Anonymous 0 Comments

The UN doesn’t collect taxes (more like dues) and doesn’t have the ability to issue their own bonds or currency backed by bonds. Even if they had the means to issue a currency and financially back it, they don’t have the authority to make anyone else use it except out of convenience. (For example, many countries use US dollars for transactions for the convenience).

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