However, you could still say that the monetary union has a strong leg and a weak leg. From the outset, the strong leg has been its monetary framework with the independence of central banks and the prohibition of monetary financing of governments enshrined in the European Treaties. The weak leg is its framework for fiscal and economic policy.
Another possible buffer lies right here at home. Recall that when the United States turned protectionist in the 1860s, we responded by uniting our own economic clout through Confederation. In today’s trade-uncertain world, it is even more important that we continue to make progress in promoting trade among our own provinces and territories.