Paper Summary:

This paper discusses the consequences of the establishment of the "Amero," a proposed form of common currency amongst the United States, Canada, and Mexico. The paper compares the Amero to Europe's Euro. The paper argues that due to the social and cultural differences between the US and Canada, along with their differences in the labor market, the Amero would be detrimental to both countries' economies.

From the Paper:

"At its present state, Canada should not consider merging with the U.S. Dollar to form a common currency comparable to the Euro in Europe. Joining with another country will mean a loss of economic sovereignty, which can lead to economic instability and civil riots. Also, labor markets between the two countries are completely different and adopting a new currency can devastate the Canadian labor market. Finally, collaboration with the United States may bring an end to Canada's long tradition of a free floating currency, which means an end to a currency allowed to adjust in the financial market freely to compensate for world price changes, economic divergences and capital flows."

Sample of Sources Used:

• Bolukbasi, H. T. (2006). Would Monetary Integration with the United States Threaten the Canadian Social Model? Insights from European Monetary Unification. In A. Verdun (Ed.), Britain and Canada and their large neighbouring monetary unions (pp. 243-270). New York: Nova Science Publishers, Inc.
• Bowles, P. (2006). The "Tyranny of Geography" and "Contingent Neoliberalism": Canada's Currency Debate in Comparative Context. In A. Verdun (Ed.), Britain and Canada and their large neighbouring monetary unions (pp. 203-222). New York: Nova Science Publishers, Inc.
• Cohen, B. J. (2006). North American Monetary Union: A United States Perspective. In A. Verdun (Ed.), Britain and Canada and their large neighbouring monetary unions (pp. 169-184). New York: Nova Science Publishers, Inc.
• Helleiner, E. (2005). A Fixation with Floating: The Politics of Canada's Exchange Rate Regime. Canadian Journal of Political Science, 38(1), 23-44. doi:10.1017/S0008423905050067
• Helleiner, E. (2006). The Birth and Early Life of the Canadian Dollar. In E. Helleiner (Ed.), Towards North American Monetary Union? The Politics and History of Canada's Exchange Rate Regime (pp.19-39). Montreal & Kingston: McGill-Queen's University Press.

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