Welcome to the new Monitor, a concise and insightful look at the U.S.-Canada business and economic relationship. This collection of news articles, scholarship and thoughts from leading economists, journalists, academics and members of the business community is meant to provide you with an overview of the various perspectives on the dynamic and interconnected nature of the U.S.-Canada economic relationship. Each month we will also focus on a core subject of importance to both economies; this month features a spotlight on the Great Lakes economy.
We welcome your feedback and hope to highlight some of your comments each month. Write to us and tell us what you think at: connect2canada@canadianembassy.org.
Regards,
The Monitor Staff
Voices "The bi-national Great Lakes region can continue to model what economic regions will look like in the global economy and also how they can thrive. To realize this vision will require leadership and purposeful actions that acknowledge the unique opportunities provided by the Great Lakes economy.”
- The Vital Connection, Brookings Institute
Read more. |
Perspectives: Spotlight on the Great Lakes Economy
The Vital Connection: Reclaiming Great Lakes Economic Leadership in the Bi-National US-Canadian Region
Brookings Institute
March 13, 2008
The waterways of the five Great Lakes—along with the Ohio, Mississippi, and St. Lawrence river systems—first connected the rich natural bounty of North America’s interior with the ocean and the rest of the world. Later, the conversion of abundant resources to processed agricultural and finished manufactured goods made the Great Lakes region an industrial colossus, and placed it at the center of U.S. and Canadian economic development. The area has served as the launching pad for new industries and innovations, birthing the oil, steel, auto, and aviation industries; leading the global "green" agricultural revolution; and boosting such recent technological "game-changers" as the Internet.
Great Lakes trade zone sought
Windsor Star
March 24, 2008
A report from a prestigious U.S. think-tank released Sunday argues that Canada and the U.S. should work together with the aim of creating a common market for commerce and labour by 2030 for the states and provinces in the Great Lakes basin.
In The News
Canada is sure to feel the U.S. credit crisis, but remain resilient
Vancouver Sun
March 18, 2008
The credit problem in the U.S. has evolved into a full-fledged financial crisis, and, while events over this past month suggest just how desperate the situation has become, Canadian banks remain strong -- so strong that RBC Financial was touted as a possible buyer for Bear Stearns. It is the bane of independent stockbrokers that Canada's chartered banks own the biggest securities firms in the country; but with the banks as their parent companies, Canada's investment firms have solid financial backing that allows them to more readily absorb the bumps on the road.
Canada's top banker sees U.S. woes stretching into '09
National Post
March 13, 2008
Bank of Canada governor Mark Carney said Thursday the U.S. economy is facing a prolonged slowdown that will likely stretch into 2009 as consumers and businesses eventually feel the drag from the U.S. housing meltdown and turbulence on financial markets.
Canadian dollar has largest ever yearly impact
Statistics Canada
March 13, 2008
The total effect of the appreciating Canadian dollar in 2007 was an increase in net foreign debt of $72.5 billion — the largest impact on record, according to Statistics Canada. The new report notes that the Loonie gained 17.6% against the U.S. dollar, 16.0% against the British pound sterling, 6.3% against the Euro, and 10.4% against the Japanese yen.
Housing affordability worst in 18 years
Financial Post
March 14, 2008
High interest rates and a recession made the cost of owning a home prohibitive to many Canadians. But this time around the high cost of home ownership is due to a long, slow build up in housing prices driven by a strong economy.
Nortel set to launch faster network technology
Reuters
March 11, 2008
Nortel Networks Corp is about to roll out new technology that lets telecom companies immediately quadruple the capacity of their networks to help them cope with a boom in Internet video, high-definition programming and the use of mobile video phones.
Innovation
Triton Logging and the Sawfish robot
Lost underwater forests may sound like ancient myths, but they are in fact very real places. Some 300 million trees have been completely flooded by hydro dams and still stand perfectly preserved beneath the world’s reservoirs. Today, Triton Logging is working around the globe recovering this forgotten resource, bringing value to communities and a clear environmental wood choice to consumers. The chainsaw-wielding Sawfish robot can plunge down to 1,000 feet and harvest 50 trees in one dive—without disturbing the ecosystem.
Read more about Triton Logging
Publications
The Fraser Institute
Saving the North American Security and Prosperity Partnership: The Case for a North American Standards and Regulatory Area
Canada and the U.S. must press on with negotiations under the Security and Prosperity Partnership (SPP) and not let the agreement collapse under the weight of ill-founded arguments that it will pave the way to any sort of political integration, says a new paper released today by independent research organization The Fraser Institute. "With its focus on setting common product standards, regulations, and border measures that will improve trade and the movement of goods, the SPP agreement has the potential to provide huge benefits for both the Canadian and American economies," said Dr. Alexander Moens, author of the study and a senior fellow with the Fraser Institute.
Blog
Nobody's Business
Globe and Mail
Patricia Best takes you behind-the-scenes of Canadian business and shares.
