BOC’s Rogers Says Banking ‘Oligopoly’ Proof of Competitive Woes

The Bank of Canada‘s second-in-command referred to the national banking landscape as an “oligopoly,” emphasizing how this limited competition hampers economic growth.

During a speech in Toronto on Thursday, Senior Deputy Governor Carolyn Rogers highlighted that insufficient business competition is a significant factor contributing to Canada’s low productivity and investment levels. She pointed out the considerable concentration of market power within the nation’s financial institutions.