Dazed and Confused

In 1999 former University of Chicago professor Robert Mundell (now at Columbia) won the Nobel prize in Economics for his work in currency pricing, notably that he pioneered the concept of IS/LM curves. Most students of Economics will remember the Mundell-Fleming model.

Also, Mundell has been called "The Father of the Euro". Through elimination of barriers to trade in the form of multiple taxation agencies and through the elimination of currency translation, per capital gross domestic product in the Euro Zone would be substantatially increased he posited. This definitely has been the case.

It is also possible that North America could ultimately benefit from such a relationship with our repsective neighbors. Currency translation costs US consumers billions.

Certainly we have substantial immigration issues to deal with and we must secure BOTH borders.
But there is no reason that a Topeka, Kansas citizen needs to pay for the leads and lags involved in Peso/USD$ conversion.

Moreover, that Portugal and Germany have combined their currencies (and successfully) shows this to be the case. The two countries had WILDLY different monetary and fiscal policies. As costs of trade have been substantially reduced, German consumers can buy portgueses goods more cheaply and producers in Portugal can now pay their workers more (GIVING THE PORTGUESE LESS INCENTIVE TO WANT TO RELOCATE TO GERMANY!).