It is precisely for these reasons, and not by accident, that the Government of Canada has, for the better part of the past 50 years, operated a floating exchange rate. Concluding remarks The introduction of the euro ushers in an exciting new era for the Europeans, and we should all wish them well.
But the euro is not a blueprint for a North American monetary union. The political objectives that motivated monetary union in Europe do not have a parallel in North America. More importantly, Canada has a very useful economic safety valve in its floating exchange rate.