Perhaps it fails in that it's less efficient than an open unregulated market. And it's a monopoly. But outside of economic theory and beliefs, how is that nec

Perhaps it fails in that it's less efficient than an open unregulated market. And it's a monopoly. But outside of economic theory and beliefs, how is that necessarily a bad thing? The US Dollar is a single currency, so it is a monopoly, but it has allowed for the growth of interstate commerce, as opposed to allowing any institution to use it's own currency. The Euro is another example--now I know many of my EU brethren may not be happy by the Euro, but as a consumer, using a single currency while in Europe has distinct advantages.