The Critical 'I'

Read. React. Repeat.

Wednesday, March 12, 2003

WHAT WILL THEY CALL IT, THE DOLLAR OR THE... DOLLAR?
Pity Canada. Right across the border from a behemoth, and an overbearing one at that. Economically and culturally, the U.S. has an unavoidable influence on what the Great White North is and will be (at least the English-speaking part). So it's not so far-fetched to envision Canada eventually sharing the same currency with the States at some future date.

Let's not kid ourselves, any shared currency would be the U.S. dollar, assuming America stays are powerful as it is 20-30 years from now (you never know; what goes up must come down, eventually). Other countries in this hemisphere have already adopted the greenback as the national currency, officially (Costa Rica, Ecuador) and unofficially (practically everyone else). So it's certainly not unprecedented. As this article points out, though, there's really no advantage for Canada to do such a thing at this point. If the two economies become more intertwined in the medium-term future, then things like monetary policy will fall into place.

I think this will benefit one area of Canadian national identity significantly: Pro hockey. If a monetary union did come about, then those Canadian-based NHL clubs can stop whining incessantly about how the currency disparity is always killing them.