Abstract
What currency system is conducive to economic development? Economists from various economics schools are trying to answer this question.Different opinions of economists advocating the existence of a global currency as well as those who believe that there should be competition between currencies and the associated ‘free banking’ have been presented. The problems associated with the concept of optimal currency areas are also discussed. The last section discusses the controversy surrounding the question: “monetary commun-ities or national currencies?”.
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