There is no single answer to that. In Europe, we have chosen to bring about a high degree of economic convergence before introducing a common currency. In general, each country or region has to decide for itself what the “best way” is. The decision to adopt a single currency is inevitably a political one.
The crisis gave rise to global deleveraging and weak growth that created headwinds to Canada’s economy. In the face of those headwinds, very stimulative monetary policy has been needed to achieve the inflation target. And that prolonged stimulative policy – “low for long” – creates significant risks to financial stability.