North American Monetary Union.

Monetary Union with United States         In recent years, there has been an ongoing debate over Canada's exchange rate policy because of its volatility and low value against the U.S. dollar. Canada has two reasons to be still in a floating exchange rate system: Keeping open capital markets going and independence of its monetary policy that led Canada to be successful in stabilizing its economy by keeping inflation and interest rates low. Although this is …

…the Bretton Woods system in late 1960s. References Courchene, T. J. and R. G. Harris. 1999. "From Fixing to Monetary Union: Options for North American Currency Integration." C. D. Howe Institute Commentary 127. June. Laidler, David. 1999. "What Do the Fixers Want to Fix? The Debate about Canada's Exchange Rate Regime." C.D. Howe Institute Commentary 131. December. McCallum, John. 2000. "Engaging the Debate: Cost and Benefits of a North American Common Currency." Current Analysis, Royal Bank of Canada. April.