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May 11, 2021

Unleash Financial Sector to Drive Economic Performance

  • Rules and regulations holding back innovation and productivity in Canada’s financial sector should be updated to drive wider economic performance.
  • Over the past 18 years, Canada has lagged behind many OECD countries – including Australia and the UK – in terms of productivity. And with the pandemic’s impact exacerbating pre-existing weaknesses and damaging productive capacity, enhancing productivity growth will be vital to drive Canada’s economic recovery. 
  • “The financial services sector has the unique ability to boost both its own productivity and that of other sectors,” says co-author Jeremy M. Kronick. “That’s why it’s for the benefit of the Canadian economy to remove restrictive rules that hinder financial services productivity.
Jeremy Kronick

Jeremy is Associate Director, Research at the C.D. Howe Institute, where he is in charge of the financial services and monetary policy research programs. He has written on a range of topics including the link between demographics and monetary policy, how blockchain technology will impact the economy, and the importance of the financial services sector in trade negotiations. 

Farah Omran

Farah Omran is a former Policy Analyst at the C.D. Howe Institute. Farah joined the C.D. Howe Institute in 2017, while completing her Master of Arts in Economics from the University of Toronto. As a Policy Analyst at the institute, she worked on a wide range of topics, including monetary policy, financial services, and fiscal accountability.