There has been minimal discussions so far about the possibility of creating another Euro-like currency much closer to home. The talk is of a North American union of Canada, Mexico, and USA with a single currency (replaces the U.S. dollar, Canadian dollar, and Mexican peso). Some argue that since there's already a North American Free Trade Agreement (NAFTA) in place, a North American single currency would not a too much of a jump up to the next level. Others argue that NAFTA has not stripped a nation's individuality (sovereignty) like a single currency would.
What are your thoughts about the chances of a North American Union with a single currency succeeding? Should it be pursued, why or why not?