We study the strength of effective CP violation originating from the CKM
matrix in the effective action obtained by integrating out the fermions in the
Standard Model. Using results obtained by Salcedo for the effective action in a
general chiral gauge model, we find that there are no CKM CP-violating terms to
fourth order in a gauge-covariant derivative expansion that is non-perturbative
in the Higgs field. The details of the calculation suggest that, at zero
temperature, the strength of CP violation is approximately independent of the
overall scale of the Yukawa couplings. Thus, order of magnitude estimates based
on Jarlskog's invariant could be too small by a factor of about 10^{17}.Comment: 19 pages, no figure