Canada dodged some major bullets in 2008-09 when, as financial giants across the United States and Europe crumbled under the weight of the Global Financial Crisis, the country escaped without a single bank, insurance company or mortgage guarantor failing. That’s caused many countries to replicate Canada’s robust system for governing the country’s financial services industry
But is this system of “super-regulation” really what’s best for the economy?
In the latest edition of Inside Policy, the magazine of the Macdonald-Laurier Institute, author Richard Remillard explains why Canadians should “not let ourselves get carried away by smug self-satisfaction” and instead examine how regulations are choking off risk-taking in the private sector.
It’s time, he says, for Canada to create a world-class Financial Innovation Institute that identifies new and innovative methods for regulating the financial sector.
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