Posted originally on Feb 14, 2025 by Martin Armstrong
An economist has made headlines for suggesting that Canada unite with the European Union bloc. Could Canada become the 28th member state? Absolutely not.
The very idea that Canada would consider joining the European Union and abandoning the Canadian dollar for the euro is sheer economic insanity. To throw away its sovereignty and monetary independence in favor of the European Union—an entity in economic decline—would be a move that history would mark as an outright betrayal of the nation’s future.
The Maastricht Treaty of 1992 prohibits non-European nations from joining. Article 49 known 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 United States and North America. Morocco put this treaty to the test in 1987 when it requested membership. The European Council ruled that Morocco was simply not a European country. Canada, like Morocco, cannot point to French ties as a reason to be considered European, nor would most Canadians want to.
For decades, I have warned that the European Union is nothing more than an authoritarian construct designed to strip nations of their sovereignty under the false pretense of economic unity. The reality is the opposite—nations that have joined the EU have lost control over their economies, their tax policies, and even their ability to govern in their own national interests.
If Canada were to abandon the Canadian dollar and adopt the euro, it would hand over control of its economic fate to unelected bureaucrats in Brussels who have already driven Europe into negative growth with failed policies.
The inability of these nations to control their own currency has led to permanent economic stagnation. The European Central Bank (ECB) dictates monetary policy for the entire eurozone, and it does so based on Germany and France’s needs, not the broader interests of individual member states. Canada would absorb the debt of other nations in addition to its own debt that has been rising C$878 per second.
Unlike the Canadian dollar, which is backed by Canada’s ability to print money and manage its own monetary policy, the euro is a debt-backed currency. The entire EU system is built upon the forced cooperation of nations with vastly different economic structures, which is why it has failed to produce real economic growth.
Capital would flee Canada as investors would see even the mere request of membership as a sign that the government had no long-term strategy. Canada is already struggling with high taxation, an ousted prime minister, and has become deeply involved in every globalist alliance from NATO to the United Nations. By tying itself to Europe, Canada would not only lose investment but would push corporations and wealth holders to relocate to the US where monetary policy is more predictable.
Centinel2012 