In the News: Don’t believe the hype – competition is alive and well in Canada, especially in banking

As a former business school dean and as an economist, I’m happy competition policy is in the headlines these days, even for the wrong reasons.

Why do people suddenly care? The Rogers-Shaw drama is certainly a big part of it. The Competition Bureau repeatedly lost in opposing a deal that gives it everything it wants. The Canadian debate always remains focused on the wrong things. We point a finger at the Rogers-Shaw takeover but endure trade barriers between provinces, supply management in sectors such as dairy and government monopolies in alcohol.

Then there’s the public response to the proposed RBC-HSBC deal. I paid attention because I’m an HSBC customer. As someone who has lived and worked in the United States, the U.K. and France, I use foreign-currency accounts, and Canada’s big banks have traditionally offered me little choice.

Read the full article in the Globe and Mail.