In a 2004 article for Foreign Affairs entitled “ North America ’ s Second Decade ,” Robert A . Pastor , Professor and Founding Director of the Center for North American Studies ( also a member of the Council on Foreign Relations ) admitted that NAFTA was “ merely the first draft of an economic constitution for North America ” while decrying the monumental setback to continental integration entailed by the 9 / 11 attacks .
“ Following 9 / 11 , the United States virtually sealed its borders and returned to its traditional unilateralism ” Pastor lamented , “ In a more enlightened future security fears would serve as a catalyst for deeper integration .” Acknowledging the obstacle of Mexico ’ s underdevelopment relative to her two northern neighbors , Pastor then advocated for the establishment of a “ North American Investment Fund ” to funnel hundreds of billions of taxpayer dollars from Canada and the United States to Mexico . Stiff cultural resistance in all three countries to submersion in a North American Community would be overcome by the establishment of “ Centers for North American Studies ” to “ help people in all three countries to understand the problems and the potential of an integrated North America — and to think of themselves as North Americans .”
In 1999 Herb Grubel wrote a paper for the Canadian think tank The Fraser Institute called The Case for the Amero . The idea was further encouraged by the successful launch of the euro , the prospect of official “ dollarization ” in Argentina and Mexico ; and the relatively poor performance of the Canadian economy , particularly in 1998 , and the depreciation of the Canadian dollar during the previous 25 years made the plan seem more legitimate . Under the proposed plan , a single North American central bank would print notes and coins of the currency ( tentatively called the “ amero ” ) said to have “ amero ” symbols on one side and national emblems on the other to preserve important symbols of national identity . Grubel went on to say that
“ cultural sovereignty and political independence would not be affected by monetary union . The conversion of existing currencies into the amero will take place at rates that leave unchanged each country ’ s real income , wealth , and international competitiveness at the time of conversion . When the United States joined other international organizations like the IMF , the World Bank , the World Trade Organization , and the North American Free Trade Agreement , the expected economic and political gains appeared to offset the surrender of some national sovereignty . In this tradition , the United States may well find it worthwhile to join the proposed monetary union .” – Herb Grubel The Case for the Amero
From such policy recommendations emerged , in 2005 , “ Building a North American Community ,” a policy statement promulgated directly by the Council on Foreign Relations in which they said :
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