How “dull” Canada outshined the world - Macleans.ca
 

How “dull” Canada outshined the world

Can our conservative banking system be a model for the world?


 

In an exhaustive report on Canada’s banking system by the Financial Times, one sentence stands out: “Canada is the only G7 country to survive the financial crisis without a state bail-out for its financial sector.” Chrystia Freeland talked to everyone who is anyone in Ottawa, Bay Street and beyond to find out why the True North proved so resilient while banks elsewhere required billions and billions in handouts. Canada’s “culturally distinct approach to banking” was her main finding. In the end the reason wasn’t the “play nice” stereotype but rather something even more fundamental to Canada’s system: a belief in order and good government and above all, rules. Freeland quotes a senior official in Ottawa who said, “[Canadian bankers] are boring, but in a good way. They are more interested in balance sheets than in high society. They don’t go to the opera.”

Financial Times


 
Filed under:

How “dull” Canada outshined the world

  1. “[Canadian bankers] are boring, but in a good way. They are more interested in balance sheets than in high society. They don't go to the opera.”

    Good thing too!

    Just wish Harper would stop taking credit at every opportunity for something he had no part in.

  2. what do you mean by boring? now more people have just realized, like a light bulb moment, it is still a bo r r r ing country!

  3. let's all rejoyce in good regulations, last weeks news was US Banks want to come and set up shop here, but first the have to take some lessons in being boring.
    as far as Harper's credit for the regulations and rules that saved us from major bail-outs, he did not make them but he kept them in place when other Leaders in the rest of the World did not.

  4. Um, elsewhere in this magazine, there's an article complaining that there's too much consumer debt, that consumers are presuming we're shielded from wrong, that housing and mortgage prices may be rising beyond manageable limits, that our lenders may be exposed if it all collapses, etc….

    http://www2.macleans.ca/2010/02/02/awash-in-a-sea

    Call me crazy, but am I the only one looking at these two headlines and wondering if we should wait a little before congratulating ourselves further?

    • Nope.

  5. Uhh, yeah well the soviet union was barely affected by the crash of 1929, that didn't mean that they had sound fundamentals.

  6. And Iggy and Layton should stpo blaming Harper for something he did not cause.