this post was submitted on 08 Jun 2025
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Oof. TIL. On the plus side, it's been a far more stable currency since its introduction than CAD over the same time period. Swinging wildly back and forth from USD parity -- and I'll admit I'm coming from a U.S. perspective -- can't have been a fun time. When I was living in Victoria at the turn of the century, I got CAD1.60 per dollar after ATM fees, which made everything insanely cheap, since rack rates for everything mirrored U.S. pricing.
My girlfriend and I could go out for a nice dinner with drinks for what to me was $20.
But some 15 years later (I don't remember exactly when, as when you get older, time starts to lose meaning), the Canadian dollar was actually stronger than ours.
I'm coming from a PIGS-crisis perspective, having immigrated from a PIGS country to Canada during the euro debt crisis. The euro is too unwieldy and it's monetary policy has basically been mostly what suits the Northern European banks plus northern populism against lazy southerners to keep transfers low. In a way, the eurozone is one giant version of Italy.
I personally don't see any advantage for Canada to let go it's monetary sovereignty. We are at our core a resource and trading nation, and having control of our own levers is best.
I am absolutely for tighter integration with the EU, as I don't see any reason Canada shouldn't enjoy the things we take for granted as Europeans. Potentially in the Icelandic or Norwegian model (ultimately in the Canadian model of course), but just like as Canadians we don't need to be anyone's 51st state, we also don't need to be anyone's 28th member state.
Ps. I'm confusing "we"s above, just the pitfalls of being a dual EU-Canadian citizen.
PIGS clarification? Portugal, Italy, Greece and Spain? Useless websearch term.
Yes exactly