Mr. Speaker, I believe that, indeed, the euro was created, among other reasons, to strengthen the monetary policy and the world situation vis-à-vis the United States, the U.S. dollar and the possible fluctuations of the exchange rate.
Take, for example, what George Sauras did to the pound sterling. Over a period of just a few days, he was able to get the value of the pound sterling to go down by gambling on that value. Today replacing these 11 European currencies by the euro provides increased protection against this type of speculation.
We are not here to examine this issue, but to ask that a committee be set up to undertake that task. As we demonstrated today, in the past, speculators could gamble on 11 different currencies that have now been strengthened by creating a single new currency, the euro. These speculators will have to look around to find a currency that is not as strong and as economically important. They will be able to gamble on that currency and, perhaps, create more problems for it.
Given that all these other currencies have now been grouped together and are better able to protect themselves against such speculation, it is likely that these speculators will turn their attention to the Canadian currency and will target our dollar.
This is an issue which the committee could examine. I suggest to the hon. member that he should submit this issue to the committee. Said committee will determine if the Canadian dollar is indeed strong enough to withstand international speculation. If it is unnecessary, as in the case of trade rules, why is Canada such a fervent supporter of the WTO? We might put this question to my colleague.
Together, the various countries in the world can stand up to the United States in the case of a trade dispute. Could Canada withstand speculation over its dollar, given that the Europeans will perhaps consider going elsewhere? That question could be raised in committee.
Now, how financially and fiscally independent is Canada from the United States?
What is the extent of this independence when we look at the curve since 1950? When 80% of our trade is with the United States, how independent are we in trade terms from them?
In 1993, and during the last election campaign, in 1997, the Canadian government said “In terms of foreign trade, we will open our market to other sectors of activity, toward Asia, Europe and Africa”. In the meantime the curve of trade with the U.S. continues to climb.
We are economically dependent on the U.S as well as commercially dependent on them. We must make sure that we are prepared for potential speculation and for a potential change in direction in relation to them. Perhaps a study on the subject could help us prepare for an increase in the value of the Canadian dollar, for potential speculation on it.
This is the question my colleague from Charlesbourg is trying to answer by asking parliamentarians to assume their responsibilities. However if Liberal members wish to disregard their responsibilities when they vote, the people of Canada will know about it.