| 单词 | single currency |
| 释义 | single currency A currency used by two or more countries. It is necessary to decide how the amount to be issued is determined. This may be by agreement between two or more national central banks, or by commissioning a single supra-national institution to issue the currency. If a single currency is issued independently by more than one national authority, without any agreement between them, it is likely that too much of it will be issued. This is because the initial gains from additional currency accrue to the nation that issues it, while the losses resulting from inflation following excessive issue of a currency are spread between all countries using it. |
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