The European Union has its own currency, the EURO. Years ago, when you...
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The European Union has its own currency, the EURO. Years ago, when you crossed borders you had to exchange the currency you had (say, Deutschemarks) for the local currency (say, Swiss Francs). And, if you crossed back, you had to change again. Today, since the early 1990's, many countries in Europe use the common currency, the Euro. And there is one central bank, the European Central Bank, located in Frankfurt, Germany. What benefits might result from the banding together of these countries into one currency? What might be the issues? How might this relate to the creation of the US Federal Reserve system in 1913
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