What encoding to use for English, French, Spanish

My project is currently SQL_ASCII encoded. I will need to accomodate both
French and Spanish in addition to English. I don't anticipate needing Far
East languages. Reading here on the forums I come up with Latin9 as perhaps
adequate. But others recommend unicode for relatively simple needs like my
own.

I'd appreciate any advice on this topic. Unicode is the most versatile?
What's the downside of unicode?

If Far East languages do become a requirement, unicode is the way to go?

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