If we had a dollar at parity, we would find ourselves in thrall to the erratic economic policies of the likes of George Bush and Barack Obama. I don’t believe Canada can afford to relinquish its relatively successful policies to the U.S. which would determine the value of the “common currency” internationally through its own less successful policies.

Alex makes somes very good points for a parity dollar (same currency).  But in no way---EVER!---should Mexico be allowed into the mix.  Culture, people, principles, history, etc. is far too different and, frankly, Mexico does not deserve it.  No potential warm fuzzy feelings of Mexico will ever change my attitude.
N.A. Dollar sounds good to me.  If the E.U. can do it, 2 countries can.

Suppose we had a common Canada/U.S. currency today? Obama says he needs to print a trillion dollars in new currency to monetize the debt of the United States. This will lead to nothing but a decline in the value of the currency on world markets. Are you saying, Marcus, that Canada and the U.S. have economies so intertwined that such a rash attitude to printing money is ultimately irrelevant in the grand scheme of things?

The EU can do it, but I’m not sure it favours the countries who are better able to decide on the monetary policy that best suits their own country. The recent financial crisis has seen European countries champing at the bit to control their own currency and monetary policy. At the same time, EU countries who are better able to manage their economy are being forced to bail out those who have done a far worse job.

Razoir, totally see your point of view.  However, if the world is so truly interdependent on each other (not saying I’m actually fundamentally comfortable with that), especially Canada & U.S., than I just cannot see anything completely negative about a parity dollar.  We are $50-billion in the hole for this year alone and we are the “best prepared & managed economy in the world”.

I don’t see it as completely negative, but I would need to see assurances that the currency couldn’t be devalued just because a U.S. president got a hold of the printing presses. I’m already dismayed by Obama’s attitude toward Free Trade with his rash “Buy American” policy. What assurances could we be given that the U.S. wouldn’t expand the money supply to suit its own ends at the expense of Canada?

Excellent points, U.S. & Canada certainly does not have the history like the Europeans.
I still fundamentally wish that all countries were self-sustainable & independent (is that not the epitome of “going green”?).  Sure, we can all mutually benefit from knowledge, trade, etc., but I don’t like to live in a world where we all need each other.
I appreciate your point of view, Razoir.