The Monitor is 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 focus on a core subject of importance to both economies; this month features a spotlight on the Canadian banking system.
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 "Canada is in a strong position to deal with this global crisis. We continue to maintain a budget surplus. Canada's banks and financial systems are sound and well capitalized and are less leveraged than their international peers. Our financial system is strongly regulated and our mortgage system is sound."
-Jim Flaherty, Minister of Finance
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Perspectives: The Canadian Banking System
Canada rated world's soundest banking system
Reuters
October 9, 2008
As financial crises and bank failures shake world markets, Canada has the world's soundest banking system, closely followed by Sweden, Luxembourg and Australia, a survey by the World Economic Forum has found.
World Economic Forum's, "Global Competitiveness Report 2008-2009," [page 469].
Canada to guarantee bank loans
New York Times
October 23, 2008
Loan guarantees offered by the Canadian government this month suggest that even healthy banking systems might require government support for international borrowing, as tight regulation, a once-robust economy and an avoidance of subprime debt have left Canada's five major banks in good financial shape.
How the Canadian banking system stacks up
Reuters
October 24, 2008
Canadian politicians, bank executives, and monetary authorities have stressed in recent months that Canada's banking system is strong. It's banks are better capitalized than global peers and avoided many of the problems infecting other financial institutions, they say. Here are some key differentiating factors...
In The News
Canada will lead G7 in GDP growth in 2009
CBC News
October 8, 2008
According to a new International Monetary Fund study, Canada will lead the other G7 countries in economic growth in 2009, a muted honor considering that the global economy should slow markedly, but a better performance than the U.S., Italy, France, Germany, Japan and the U.K.
The IMF's World Economic Outlook
U.S. official says oil sands need not fear energy policy
Calgary Herald
October, 22, 2008
Canadian oil sands producers are dealing with environmental issues in a straightforward and sound way, a senior official with the U.S. Department of Energy told the Herald this month. Acting deputy secretary of energy Jeff Kupfer said Canadians shouldn't be concerned about American administrations limiting their exports of oil sands products, which represent the largest single source of imported crude oil to the U.S.
Cross-border auto sales drying up
Montreal Gazette
October 21, 2008
Over Canadian Thanksgiving this month, Quebecers were a common sight at the newly opened Target store in Plattsburgh, N.Y. But few shoppers bothered to stop by Brian McBride's nearby auto dealership. "We miss the Canadians. We would like to see them back in our showroom," he noted sombrely.
Slumping loonie a double-edged sword
New Brunswick Business Journal
October 24, 2008
Manufacturers in New Brunswick are welcoming the decline in the value of the Canadian dollar, but the slide in the value of the loonie is a mixed blessing. While Canadian products will become cheaper for American customers, the decline comes at a time when it's increasingly difficult to sell to the U.S. amid fears of a recession.
Trade credit coverage provides valuable safety net
Vancouver Sun
October 22, 2008
The partners at ELPRO International Inc. are thanking their lucky stars. Recently, when a U.S. customer went out of business without warning, the Montreal-based exporter of luggage and handbags had to make its first claim on the trade credit insurance it took out a few years ago.
Resource-rich Saskatchewan remains solid
Vancouver Sun
October 21, 2008
Saskatchewan business owners have reason to be mildly optimistic about the economy -- compared with the rest of Canada, resource-rich Saskatchewan, which has been leading the country in economic growth, should be able to weather any downturn or recession south of the border.
Innovation
I Love Rewards Inc.
Recently named one of Canada's Top 10 Technology Competition Winners for 2008/09, I Love Rewards Inc. is one of North America's leading incentive marketing companies. They develop, design, and implement innovative incentive solutions for small and medium-sized companies as well as Fortune 1000 businesses. Their solutions focus on driving employee motivation and sales, which are delivered via a web-based points engine that allows clients to achieve their unique business goals and for users to redeem their points for brand name rewards.
The complete list of Canada's Top 10 competition winners in Technology, Cleantech, and Life Sciences can be seen here.
Publications
Doing Business 2009
The World Bank
Canada ranked 8th out of 181 countries on the ease of doing business according to the World Bank's annual study Doing Business 2009. Its main strengths were focused toward opening and closing a business, protecting investors and employing workers.
Canada ranks seventh in global economic freedom index, just ahead of the U.S.
Fraser Institute
According to the Economic Freedom of the World: 2008 Annual Report, Canada is ranked seventh in the world for economic freedom. The annual peer-reviewed report uses 42 different measures to create an index ranking the 141 countries around the world based on policies that encourage economic freedom in five broad areas: (1) size of government; (2) legal structure and security of property rights; (3) access to sound money; (4) freedom to trade internationally; and (5) regulation of credit, labour and business.
Blog
"In the midst of a worldwide financial crisis, Canada avoids a recession, although just barely. The predicted growth is small, but still going in the right direction. Canada's banking system is the envy of the world. The only extra punch that was needed to make it more competitive was to offer Federal Government guarantees, and that is now in place..."
Ontario Real Estate
Brian Madigan LL.B., Realtor, Coldwell Banker Innovators Realty
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October 2008
Multimedia
Shivering economic timbers
After another week of troubled economic waters, British scholar Peter Hayes explains on the CBC's As It Happens that old-time pirates and modern-day corporations have more in common than one might think.
Governor of the Bank of Canada, Mark Carney
In a recent interview, Mark Carney discusses sluggish growth in Canada, international plans to contain the damage of the financial meltdown, and whatever happened to the idea that banks are boring.
PeopleNancy Hughes Anthony, President, Canadian Bankers Association
Nancy Hughes Anthony is President and CEO of the Canadian Bankers Association (CBA). Prior to joining the CBA in 2007, Ms. Hughes Anthony was President and Chief Executive Officer of the Canadian Chamber of Commerce. She has received the Women's Executive Network Top 100 Most Powerful Women Award, has been selected several times by the National Post as one of the Top 50 Most Influential Business Women in Canada and ranked as one of the 100 most influential people in Ottawa by The Hill Times newspaper.
State Trade Fact Sheet
New Hampshire: The Granite State
In 2007, Canada was New Hampshire’s largest foreign trading partner, purchasing 21% of the state’s worldwide exports. In fact, the Granite State exported more merchandise to its northern neighbor than to its next two largest foreign markets combined. Bilateral trade was stable with $5.8 billion in sales.
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