In The News

Canada's relative stability in the face of the recent financial crises has Americans looking North of the border for some lessons in fiscal management. According to the Financial Times, global cities from New York to London have a lot to learn from Toronto's banking and business culture.

"Canada is the only G7 country to survive the financial crisis without a state bail-out for its financial sector. Two of the world's 15 most highly valued financial institutions � a list dominated by China � are Canadian and a recent World Economic Forum report rated the Canadian banking system the world's soundest. Even Barack Obama, on the eve of a visit last year to Ottawa, the Canadian capital, admitted: "In the midst of the enormous economic crisis, I think Canada has shown itself to be a pretty good manager of the financial system and the economy in ways that we haven't always been."

"It is a real-world, real-time example of a banking system in a medium-sized, advanced capitalist economy that worked. Understanding why the Canadian system survived could be a key to making the rest of the west equally robust."

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original source Financial Times