Market News

 March 09, 2009
North American Union is coming in 2010

 The Independent Task Force on North America was a project organized by the United States Council on Foreign Relations, the Canadian Council of Chief Executives, and the Mexican Council on Foreign Relations. It was chaired by former Canadian politician John Manley and advocates a greater economic and social integration between Canada, Mexico, and the United States.

It was launched in October 2004 and published two documents: Trinational Call for a North American Economic and Security Community by 2010 (March 2005) and its final report Building a North American Community[1] (May 2005).

The final report proposed increased international cooperation between the nations of Canada, the United States, and Mexico, similar in some respects to that of the European Union.

Some Internet sources claim that this report, despite its own language rejecting a political union, would create a North American Union, which would link the three North American countries into a political union in the model of the European Union. Some envision this new North American Union as having its own currency known as the amero, which would replace the Mexican peso, U.S. dollar and Canadian dollar.

In recent times, the three North American nation-states have been increasing their economic ties, accelerating the process with the North American Free Trade Agreement (NAFTA).

In response to the demands of increasing globalization and shared concerns from abroad, such as the increasing clout of other economic spheres such as the European Union and China, the leaders of the three nations agreed in 2005 to work more cooperatively on shared North American concerns. To this end, they agreed to establish the Security and Prosperity Partnership of North America (SPP).