RE: how long will the EU
Canada has a history of joining multi-lateral institutions, so I think forming a special relationship with the EU would come naturally. I doubt we'd actually join, at least in the forseeable future, but I could see us adopting developing the kind of trade relationship we now have with the US and possibly even adopting the Euro as a our currency.
The United States is becoming much more protectionist. It's economy is endangered by huge debt, much of which is owed to foreign countries. It is not interested in multi-lateral relationships and insists on dictating the terms in bi-lateral relationships.
At the same time Europe does need resources, and Canada is resource rich. The EU is, by definition, multi-lateral and more used to negotiating deals that are beneficial to both sides.
Canada should be making overtures to the EU for a much closer relationship, if not a full membership.