OTTAWA

Candidate Barack Obama made the North American Free Trade Agreement an early target. He promised union leaders to force a renegotiation of NAFTA on his terms. Back then, I thought Obama went too far. Now I think he did not go nearly far enough.

Canada, the United States and Mexico must form a more perfect economic union to deal with a lingering international financial crisis that drains the U.S. dollar of value and credibility and that fuels rising unemployment. Regional integration is a rare effective response to faltering globalization, dangerously volatile petroleum markets, and U.S. economic and military overextension.

So, yes, Mr. President, renegotiate NAFTA. But move its trade liberalization successes forward into a broad regional pact that more...