Is a convergence path of monetary policies possible under the North American Free Trade Agreement?

Mexico, the United States and Canada have been members of the North American Free Trade Agreement (NAFTA) since 1 January 1994. Since then the flow of trade and capital movements between these countries has increased in spite of the Mexican financial instability. This situation has raised the issue of the pros and cons of further financial integration which might include a monetary union or the use of the dollar as the main currency for the three NAFTA members.