Criticisms and Problems
Opposition to a North American currency union exists high up in the governments on both sides of the Canada–United States border. Herbert Grubel, the first proponent of the amero, admits that American officials show no interest in the topic. He concedes that "there wouldn't be very much benefit for the United States" in an amero. Likewise, the Canadian Department of Finance strongly opposes the creation of a common currency with the United States, citing the loss of economic sovereignty. In briefing documents to Minister of Finance Jim Flaherty, finance officials concluded:
"A North American common currency would undoubtedly mean for Canada the adoption of the U.S. dollar and U.S. monetary policy. Canada would have to give up its control of domestic inflation and interest rates."
Read more about this topic: North American Currency Union
Famous quotes containing the words criticisms and/or problems:
“The sway of alcohol over mankind is unquestionably due to its power to stimulate the mystical faculties of human nature, usually crushed to earth by the cold facts and dry criticisms of the sober hour. Sobriety diminishes, discriminates, and says no; drunkenness expands, unites, and says yes.”
—William James (1842–1910)
“More than a decade after our fellow citizens began bedding down on the sidewalks, their problems continue to seem so intractable that we have begun to do psychologically what government has been incapable of doing programmatically. We bring the numbers down—not by solving the problem, but by deciding it’s their own damn fault.”
—Anna Quindlen (b. 1952)