Why did the European countries agree to cede monetary autonomy? What would the consequences, costs and benefits be if Canada elected to follow the European model?
Document Highlights
Many North American observers were convinced it would never happen! Many still believe that it is fundamentally flawed. But the European Monetary Union (EMU) has been in place for more than two years and the euro is a global currency.
Those developments seemed little more than fantasy when seriously proposed about a decade ago. However, it has served to reignite the debate surrounding monetary independence and the role of national currencies.
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