Canadian Finance Minister François-Philippe Champagne attended a meeting of euro area finance ministers in Brussels on Monday, marking the first time a Canadian official was invited to this restricted format, usually reserved for eurozone members. The meeting focused on global macroeconomic imbalances and the euro’s role in international trade and digital monetary policy.
With relations with the United States at a low point, Canada is seeking to strengthen ties with the European Union, particularly in areas such as security and defence, critical minerals, innovation and research, and trade diversification. Champagne highlighted that strategic partnerships with the EU allow Canada to defend shared values and promote its global position.
The discussions underscored the risks posed by global imbalances, where some countries consistently spend more than they earn (e.g., the U.S.) while others run persistent surpluses (e.g., China). Canadian officials and EU leaders view these disparities as opening the door to coercive economic manipulation, including the use of tariffs, financial infrastructure, and supply chains as tools of geopolitical leverage.
No concrete eurozone strategies were decided, but ministers indicated that they intend to expand the euro’s global role and continue discussions in other international forums, including the G7 and G20.
Prime Minister Mark Carney of Canada emphasized the challenge:
“You cannot live within the lie of mutual benefit through integration when integration becomes the source of your subordination.”
This engagement reflects Canada’s broader effort to diversify its international partnerships amid shifting geopolitical and economic dynamics.
