The speed of these changes in the financial architecture understandably brings fear to some market participants, but it may equally sow the seeds of recovery. Policymakers are keenly observing the pulse of private financial institutions and other market participants to gauge their ability to take up the cause of reform and renewal.
Business regulations and standards, including those of the financial sector, need to be harmonized across Canada. Dispute resolution and enforcement under the AIT need to be strengthened. And to make our labour markets more flexible, trades and professional designations should be recognized and fully transferable across the country. A significant step forward would be for others to adopt the British Columbia-Alberta accord.