Research an economic concept called 'Dutch Disease,' (no I'm not talking about Trees ala 'Dutch Elm Disease'). Under the 'Amero' Dutch disease can happen to Mexico and Canada when the US economy moves different directions. An example of this would be should the US go through a painful recession while Canada booms. Under the current system the fed in the US would lower interest rates to stimulate the economy, while the bank of Canada would increase rates to curb inflation. Should we have a common money supply the American dominated bank of North America would reduce interest rates anyway because it helps a much larger proportion of people and thus Canada sees higher inflation. Conversely should Canada be doing poorly while the US is doing well the Amero would increase interest rates reducing inflation in the US while making our situation a whole lot worse.
Now an arguement mitigating this would be that usually our economies work in tandem and thus when the US is in recession it has it's effects on both sides of the border and likewise when it's doing well economically. However it's those situations when we aren't moving in tandem (ie right now) when you'd want control over your own money supply for the reasons mentioned above.
'Dutch Disease' happens domestically as well: When Alberta booms at a time when Ontario and Quebec manufacturing suffer there will be higher inflation in Alberta because the bank of Canada wouldn't want to cripple Ontario and Quebec with high interest rates. Conversely when Alberta is in recession and Ontario and Quebec are doing well, all other things being equal things will only get worse in Alberta as interest rates will climb in order to keep inflation under control in more populated places in Canada.
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