Preventing the Merger of Major Canadian Banks

Paper Summary:

This paper examines the reasons both for the proposed merger of a number of Canada's most important banks and the final rejection for that merger. The author discusses the economic and political factor that prevented those mergers from occurring.

From the Paper:

"While certainly national governments have an important role to play in designing and securing a country's economic strategy and security, governments cannot in any sense entirely plan a country's economy. Much of the power of the economic sector lies in the hands of private companies and especially of private financial institutions such as banks. If the control of such banks is not kept under strict scrutiny (and in the case of a relatively small country like Canada kept in large measure under domestic control) then the country's economic stability can be threatened. Such a threat would have seemed particularly realistic in 1998 given the economic destabilization caused by problems in Asian markets and the very shaky standing of the Canadian dollar in comparison to the U.S. dollar. "

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