The Canadian and USA economies are doing very well. They are at present enjoying very low unemployment rates and a solid economic growth. It is very important for these countries to get ready for the challenges that lie ahead. No one knows when the financial or economic crisis might stare on their face. They must be ready to face it before it hits.
The other crises that can be a threat to the US and Canada are the national security threats and the physical environment disturbances. Some of the economic crisis like the 2008-09 financial crisis as well as the prolonged recessions must always be at the back of the minds of these countries.
There can be earthquakes, industrial disasters, forest fires, floods or other nature furies with a varying magnitude that can hit on the physical environment of the USA or Canada. The growing cyber threats and the military intrusions can also cause severe national security crises.
As all these threats to these nations are bound to make economic consequences, it is very important for the countries to concentrate on financial and economic shocks. There must be a wide array of policy tools that are ready to meet any financial crises and recessions that come up.