What would happen with the economy if a global currency or a type of fixed change existed?

What would happen with the economy if a global currency or a type of fixed change existed?
¿consequences?¿advantages?

no more devaluations?.. no more inflations?--

Answer:
it would be catastrophic. trade deficits would be wildly exaggerated. monetary policy would be useless, actually worsening infaltion and recessions.
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