Financial integration and the single currency are in many ways two sides of the same coin. One fundamental reason for the single currency was to maximise the benefits of the single market for capital.
Fortunately, Canadians understood that you can’t forever consume more than you produce. They displayed the innate good sense necessary to make short-term sacrifices for the long-term interests of their families. As a result, Canadians transformed a vicious circle of rising deficits and debt into a virtuous circle of balanced budgets and surpluses, and falling debt.