While the full effects of the Bank of Canada’s rate hikes are not yet known, there is an immediate effect on the central bank’s own finances: growing interest expenses and large financial losses. The bank’s recently released third-quarter financial results showed that for the first time, the bank incurred a net loss: $511-million. This is only the beginning.

This matters, especially at a time of heightened political attention toward monetary-policy issues.

The bank’s revenue is largely derived from its asset holdings, which mainly included Government of Canada bonds and treasury bills. Prior to the COVID-19 pandemic, these bond holdings cost the bank very little, and their returns normally exceeded bank expenses by a wide…

Last March, Ottawa announced its target for greenhouse gas (GHG) emissions in 2030. It wants to reduce them from 740 million tonnes (MT) of CO2-equivalent in 2019 to 442 MT in 2030, a reduction of 298 MT, or 40 per cent. Unfortunately, setting targets is a lot easier than hitting them. Ottawa’s Emissions Reduction Plan is long on policies and programs but short on what will actually need to happen in order to reach these targets.

My own analysis, available on the C. D. Howe Institute website, suggests the 2030 reduction will be, at best, only 158 MT — only a little over halfway to Ottawa’s target.

I get this result with fact-based, bottom-up calculations. Consider transportation, for example.…

China’s disruptive behaviour had de-stabilized the global trading order well before Russia’s invasion of Ukraine last February. Such geopolitical trends, among others, have converged to produce tectonic shifts in international business as we go forward into 2023.

So, what does this mean for what still remains of the post-Second World War rules-based trading system?

For starters, the World Trade Organization, the body that oversees the multilateral system, is under considerable stress. In spite of exhortations at its ministerial meeting last June and a recent plea from its director-general, the WTO has floundered over the past few years.

The problems are deeply entrenched. The WTO is mired in internal governance…