We will provide Canadians with a more considered and complete picture of our views on the economy in our next Monetary Policy Report Update, which will be published on 17 July. Ladies and gentlemen, Halifax is a city that has withstood some extraordinary events in its long history.
As a result, it has been frequently observed that competition between schemes can have the effect of pushing fees up rather than down, in order to maximise incentives to issuers and cardholders. The reason that this kind of outcome is possible is that there is a misalignment between the incidence of these fees and the structure of decision-making power in a typical transaction.