Proposed Schedule to the goal of 2024 (plus some predictions of later implementations)
This schedule is proposed to add realism to the idea that the goal of a single global currency is achievable by the year 2024. When proposed by Prof. Richard Cooper in 1984, as a monetary union among the industrialized countries in Foreign Affairs, he projected a 25 year schedule, which would have brought us to 2009.
|2009||Richard Cooper's predicted implementation date for single currency among democratic industrialized nations. (a 25 year prediction from 1984 article.)|
|2009||The West African Monetary Zone's five countries, Ghana, Nigeria, Sierra Leone, The Gambia, and Guinea, adopt their common currency, the ECO.|
|2010||The Gulf Cooperation Council (GCC) countries plan to launch their new currency. Members are: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates.|
50th anniversary of the publication of Robert Mundell's article in American Economic Review, "A Theory of Optimum Currency Areas"
|2012||Eurozone additions? Estonia|
|2012||The five nation East African Community implements its monetary union with members: Burundi, Kenya, Rwanda, Uganda and Tanzania.|
|2012||International conference for the establishment of a global monetary union?|
|2013||Eurozone additions? Latvia, Lithuania, Bulgaria?|
|2013||Eurozone additions? Czech Republic? Poland?|
|2014||Eurozone additions? Hungary?|
|2015||Eurozone additions? Romania?|
|2016||Projected monetary Union for 14 Southern African countries (SADC). The members are: Angola, Botswana, the Democratic Republic of Congo, Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, South Africa, Swaziland, United Republic of Tanzania, Zambia and Zimbabwe.|
|2017||A name is chosen for the single global currency after a worldwide selection process. (The name of the euro was chosen in 1995, four years before implementation.)|
|2018||The Economist's predicted year of implementation of single global currency, at least among most industrialized nations. In 1988, the Economist predicted the use of a single global currency within 30 years.|
|2020||June 1: Establish Global Central Bank, whether anew, or by adapting parts or all of the International Monetary Fund or World Bank.|
|2021||January 1: The new single global currency is ready for use in electronic transactions.|
|2021||The African Union, which was established in 2001, set a goal for a pan-African monetary union in 2021.|
|2024||January 1: All transactions around the world may be conducted with the new single global currency |
May 1: After this date all old currencies no longer valid for commercial transactions but they may be converted into the new global currency at specified bank locations within each participating country.
Currency risk ends and asset values continue to rise.
|2025||Proposed Implementation of African Monetary Union as announced by South African Reserve Bank Governor Mboweni on 22 November 2005.|
|2055||Predicted date of Single Global Currency by Martin Wolf of Financial Times (in email to SGCA, 5 July 2005)|
to 2100. Predicted date range of "a common currency based on the greenback". (by MacLeans magazine, Canada, 3 October 2005, cover story)