In addition, the flow of workers who were commuting from their homes in other provinces to Alberta has fallen sharply. 10 A second clue is the close but imperfect link between our terms of trade and the value of our currency. It is no surprise that the value of the Canadian dollar has fallen along with commodity prices.
If, for example, macroeconomic developments in one member state seemed to justify a realignment of its central parity in the ERM I, this tended to affect financial market prices in other member states as well, reflecting expectations of further realignments.