Thursday, May 05, 2005

Calling Captain Canada whoever you are

Nice to see that there is a consideration of liabilities that would have to be negotiated and recognition that this will affect the future financial condition of Quebec, as mentioned here:
Parmi les postulats qu'une telle étude doit poser, il y a le partage de la dette et de l'actif. Les auteurs ont procédé à un bilan pro forma de l'administration publique fédérale aux fins de succession des deux États. Ce bilan constitue le point de départ de la méthode utilisée pour ce partage. Les auteurs reconnaissent d'emblée qu'il s'agit d'un élément délicat. «L'état des finances publiques d'un Québec souverain est influencé par l'ampleur de la part des actifs et de la part des dettes du gouvernement du Canada dont il héritera», écrivent-ils.
It does appear that there is a bit of hedging here though, a recognition that Quebec's finances will be contingent on these negotiations, and the outcome of such discussions would be uncertain to say the least. The rosy picture portrayed of a future financially stable province of Quebec should be considered in detail by the Minister of Intergovernmental Affairs' office and met with an equally forceful response.
Thanks to Paul Wells for highlighting the lackadaisical approach of the current minister and the need for action.

I can think of one issue that might warrant addressing. For example, would Quebec be using the Canadian dollar post separation or their own currency? Are they assuming they would be permitted to adopt the Canadian currency? This is not a foregone conclusion and would also significantly impact the finances of a future Quebec.

We eagerly await the response of the government of Canada.