Carney Touts EU Tie-Up as Key to Reviving Canada's Slumping Economy

Prime Minister Mark Carney is taking steps to turn around Canada's economy after a decade of decline under his Liberal predecessor, Justin Trudeau. One plan is to establish a closer economic link with the European Union as part of reducing Canada's reliance on the U.S.

The potential reward could be reversing the economic drain under Trudeau, during which $1 trillion more in direct foreign investment left Canada compared to what came in. This caused Canada's productivity to decline and real GDP per capita to fall behind the U.S.

Carney says improvements are already happening as part of his goal of increasing business investment in Canada by $1 trillion within five years, using taxpayer money to 'catalyze' private sector investments into major Canadian infrastructure projects. However, critics worry that this will lead to a loss of sovereignty and concessions to global corporations.