Ühisvaluuta

Ühisvaluuta, often translated as common currency or shared currency, refers to a monetary system where multiple independent countries adopt a single currency for their transactions. This differs from a currency union where countries peg their exchange rates to a common currency, but retain their own national currencies. The most prominent example of a Ühisvaluuta is the Euro, used by the member states of the Eurozone.

The primary motivations for adopting a Ühisvaluuta include reducing transaction costs for trade and investment between participating nations, eliminating exchange rate volatility, and potentially fostering greater economic integration and stability. It can also enhance a currency's international standing and influence. However, the adoption of a Ühisvaluuta also entails relinquishing independent monetary policy. National central banks can no longer set interest rates or manage their money supply to address specific domestic economic conditions, which can be a significant challenge during economic downturns or booms. The success of a Ühisvaluuta relies heavily on economic convergence among member states and coordinated fiscal policies to mitigate these challenges.