Economists vs. Ron Paul

Former Mexican President Vicente Fox predicted recently that all countries in the Americas would eventually have a common currency, much like the euro. With conspiracy theories running rampant on the Web about a secret plan to create a North American Union with an "Amero" currency, the comment in a TV interview sent chills through some conservative circles.

Economists say, however, that creating a regional currency for the United States, Canada and Mexico is highly unlikely, primarily due to domestic politics. Peter B. Kenen, a senior fellow for international economics at the Council on Foreign Relations, a think tank based in New York, said it would never happen. Kenen, author of the upcoming book "Regional Monetary Integration," said a handful of economists have proposed a common currency for North America, but that most dismiss the notion. [...]
The academic discussion about North American integration has made its way to the political stage. Last month, a GOP presidential candidate, Rep. Ron Paul of Texas, told a group of Evangelical Christians that the United States is working on eliminating its borders "with a North American Union" and "the introduction of an Amero currency."

Source: The Atlanta Journal-Constitution, 11 Nov 2007