Central Bank’s Senior Deputy Governor
Banking ‘oligopoly’ calls for more competition in banking
Bank of Canada senior deputy governor Carolyn Rogers urging policymakers to embrace competition as a remedy for the country’s sluggish growth.
“We should lean into it…greater contestability, more new entrants and more innovation in our financial sector would lead to competition that’s good for consumers, for productivity and for our economy.”
She said new US trade policies have only made things worse for Canada’s competitiveness.
The challenge, she noted, is for policymakers to strike the right balance using laws, regulations and incentives that adapt as technology and market conditions evolve.
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