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Why is Canada closer to an optimal currency area than Europe? Does Canadian fiscal federalism (especially...

Why is Canada closer to an optimal currency area than Europe? Does Canadian fiscal federalism (especially Equalization) play a role in your answer to this question?

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Canada is closer to an optimal currency area than Europe because of similarities within the area as compared to Europe. The area has both fiscal and monetary similarities which makes it easy for the region to be developed into a currency area as compared to Europe which has bot monetary and fiscal dis similarities. Fiscal federalism in Canada plays an important role in making Canada closer to an optimum currency area as compared to European union which is only a monetary union and not a fiscal union.

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