10 September 2010
“The deal is that Canada’s financial institutions are sound and reliable. Moreover, even during the most difficult crisis days none of the Canadian banks required bailouts”.
“The main thing that supports Canada’s strength is a smart regulation, especially capital requirements for financial institutions – they are much stricter than the international standards”.
“But the regulation alone is not enough. For example, many other countries’ banks that failed followed the regulations as well. The key is a smart supervision”.
“Canada has a strictly coordinated regulatory system: the Office of the Superintendent of Financial Institutions, the Canada Deposit Insurance Corporation, the Bank of Canada, the Financial Consumer Agency of Canada and the Department of Finance. They all cooperate to achieve the necessary goals and solve certain macroeconomic issues”.
“In the end, today’s ranking by the World Economic Forum is another true evidence that Canada’s economic model works and is an example for many other countries of the world”.