The Parti Québécois is putting a possible “Quebec dollar” back on the table – but stressing any change would be slow, cautious and years away from affecting people’s wallets.
In a plan outlined at a party meeting in Sherbrooke, and reported by the Montreal Gazette, PQ Leader Paul St-Pierre Plamondon said a future independent Quebec would eventually adopt its own currency while continuing to use the Canadian dollar for a lengthy transition period. The idea is part of a broader independence roadmap the party is preparing ahead of a promised referendum if it wins the 2026 provincial election.
Under the scenario, a PQ government would begin by creating an independent commission of economists and fiscal experts in its first year. That panel would have a wide mandate: study whether Quebec should keep using the Canadian dollar, adopt another currency such as the U.S. dollar, or launch a new Quebec unit. The party says it would follow the commission’s advice, even if experts recommend dropping the idea of a separate currency altogether.
According to the Gazette article, if the commission gives the green light, the new currency would not appear overnight. The PQ envisions roughly five years to set up a Quebec central bank, define monetary policy and introduce a new unit initially pegged to the U.S. dollar before moving to a floating exchange rate. St-Pierre Plamondon has framed the plan as a technical, stability-driven exercise rather than a symbolic gesture, arguing that a sovereign state “normally” manages its own money and interest rates.
The proposal is also clearly aimed at calming long-standing fears about the financial side of independence. The PQ leader noted that countries similar in size to Quebec – including Sweden, Denmark, Switzerland and Norway – run their own currencies and central banks. He argued Quebec is strong enough to do the same, pointing out that many new central banks have been created worldwide since the 1990s.
Some details remain vague, including what the currency would be called and how Quebec would negotiate phasing out the Canadian dollar. The question of “what money would we use?” has dogged the independence movement for decades. During the 1995 referendum, the PQ campaigned on keeping the Canadian dollar, though several former leaders later signalled support for a distinct Quebec unit. The currency plan is one chapter in a series of policy documents the PQ is rolling out on the economics and institutions of an independent Quebec.