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Senior Bank of Canada official calls for more competition in banking
Carolyn Rogers urges open banking and real-time payments to reduce Big Six banks' dominance, highlighting 93% market share concentration as a barrier to productivity growth.
- On Thursday, Senior Deputy Governor Carolyn Rogers urged more competition in banking to better serve Canadians and the economy in a Canadian Club, Toronto speech.
- Faced with tariff pressures earlier this year, Rogers said competition is a path to higher productivity that would strengthen Canada's economy.
- Pointing to reforms, Rogers said an open banking framework and a forthcoming real-time payments system would help consumers switch banks and let smaller firms bypass Canada's Big Six banks.
- The Bank of Canada warned against more regulation and urged measures to increase competition, signaling a push for policy balance, as Rogers emphasized the need for a competitive banking sector.
- Amid rising economic nationalism, Rogers warned against adding protections and cautioned that balancing competition law, regulation and incentives is needed amid recent labour productivity declines.
16 Articles
16 Articles
A senior Bank of Canada official calls for increased competition in the banking sector to better serve Canadians and the economy.
Senior Bank of Canada Official Calls for More Competition in Banking
A senior official at the Bank of Canada is calling for more competition in the banking sector to better serve Canadians and the economy. Senior deputy governor Carolyn Rogers laid out her case for a more competitive Canada in a speech at the Canadian Club in Toronto on Thursday morning. Rogers sounded the alarm in a speech last year on Canada’s productivity crisis, arguing that as business investment levels flagged, the resilience of the economy…
Winnipeg Free Press
Senior Bank of Canada official calls for more competition in banking
Breaking News, Sports, Manitoba, Canada
Complacency, competition, and Canada’s productivity crisis - MoneySense
A senior official at the Bank of Canada is calling for more competition in the banking sector to better serve Canadians and the economy. Senior deputy governor Carolyn Rogers laid out her case for a more competitive Canada in a speech at the Canadian Club in Toronto on Thursday morning. Rogers sounded the alarm in a speech last year on Canada’s productivity crisis, arguing that as business investment levels flagged, the resilience of the economy…
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