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For a city in the top ten largest populations in North America, MTL sort of flies under the radar. It doesn't get as much buzz as Toronto or even Vancouver, let alone its Yankee neighbors on the Atlantic seaboard. I've heard that it has much to do with economic panic prior to the failed independence referenda, that the Olympics bankrupted the city, stuff like that.
So, what would it take to not suffer decline, and be more flourishing than it is now? Not a national city-state, but as its own province city-state, perhaps.