Canada remains the only industrialized country in the world that has survived the last two years of financial and economic stress without a single bank failure…
What about the Canadian banking system allowed it to survive the recent worldwide slowdown without a single bank failure? What can the United States learn from Canada about sound banking?
There were some significant differences between Canada and the United States during the recent financial crisis. In general, Canada’s banking system proved more prudent, more resilient, and much less prone to excesses. Taking a closer look at these differences might tell us how the United States got into the mess it is in, and illuminate some ideas for future reforms.
Read the full article, “Due North: Canada’s Marvelous Mortgage and Banking System” in The American (Feb 26, 2010).