An economist has made headlines for suggesting that Canada unite with the European Union bloc. Might Canada turn out to be the 28th member state? Completely not.
The very concept that Canada would think about becoming a member of the European Union and abandoning the Canadian greenback for the euro is sheer financial madness. To throw away its sovereignty and financial independence in favor of the European Union—an entity in financial decline—could be a transfer that historical past would mark as an outright betrayal of the nation’s future.
The Maastricht Treaty of 1992 prohibits non-European nations from becoming a member of. Article 49 referred to as the Treaty of the European Union or the Treaty of Lisbon states that EU membership is for EU nations. Canada, geographically and economically, is tied to the US and North America. Morocco put this treaty to the check in 1987 when it requested membership. The European Council dominated that Morocco was merely not a European nation. Canada, like Morocco, can not level to French ties as a cause to be thought-about European, nor would most Canadians wish to.
For many years, I’ve warned that the European Union is nothing greater than an authoritarian assemble designed to strip nations of their sovereignty below the false pretense of financial unity. The truth is the alternative—nations which have joined the EU have misplaced management over their economies, their tax insurance policies, and even their skill to manipulate in their very own nationwide pursuits.
If Canada had been to desert the Canadian greenback and undertake the euro, it might hand over management of its financial destiny to unelected bureaucrats in Brussels who’ve already pushed Europe into adverse development with failed insurance policies.
The shortcoming of those nations to manage their very own forex has led to everlasting financial stagnation. The European Central Financial institution (ECB) dictates financial coverage for your entire eurozone, and it does so based mostly on Germany and France’s wants, not the broader pursuits of particular person member states. Canada would take in the debt of different nations along with its personal debt that has been rising C$878 per second.
Not like the Canadian greenback, which is backed by Canada’s skill to print cash and handle its personal financial coverage, the euro is a debt-backed forex. Your complete EU system is constructed upon the pressured cooperation of countries with vastly totally different financial buildings, which is why it has failed to supply actual financial development.
Capital would flee Canada as traders would see even the mere request of membership as an indication that the federal government had no long-term technique. Canada is already scuffling with excessive taxation, an ousted prime minister, and has turn out to be deeply concerned in each globalist alliance from NATO to the United Nations. By tying itself to Europe, Canada wouldn’t solely lose funding however would push firms and wealth holders to relocate to the US the place financial coverage is extra predictable.
