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The Amero is a hypothetical common currency that would replace the Mexican Peso and the U.S. and Canadian Dollar. The Amero would require some form of North American Union joining the economies of the U.S., Canada, and Mexico -- a concept modeled after the Euro and the European Union. Academics have considered this possibility, but no serious proposal has ever been made by lawmakers in any of the three countries.
Needless to say, the Amero is not traded in the interbank market.
Where the Amero Idea Came From
The Amero idea was suggested by Herbert Grubel, a professor of economics at the Fraser Institute. Grubel has proposed that a combined currency of the three nations would increase trade by reducing the complexity of trades involving more than a single currency and eliminating exchange rate risk. Grubel also noted that the Amero could reduce borrowing costs and eliminate wage arbitrage -- the practice of hiring labor in another country with an unfavorable exchange rate in order to take advantage of the cheap later that results. Keep reading.
Needless to say, the Amero is not traded in the interbank market.
Where the Amero Idea Came From
The Amero idea was suggested by Herbert Grubel, a professor of economics at the Fraser Institute. Grubel has proposed that a combined currency of the three nations would increase trade by reducing the complexity of trades involving more than a single currency and eliminating exchange rate risk. Grubel also noted that the Amero could reduce borrowing costs and eliminate wage arbitrage -- the practice of hiring labor in another country with an unfavorable exchange rate in order to take advantage of the cheap later that results. Keep reading.
