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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 M. Kronick is Associate Vice President and Director of the Centre on Financial and Monetary Policy at the C.D. Howe Institute.

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.