|The Way We Should Pay: Comments on “The Way We Pay: Transforming the Canadian Payments System”|
|Written by Administrator|
|Wednesday, 28 September 2011 07:56|
We are pleased to announce the release of the second paper in the ICLE Financial Regulatory White Paper Series. “The Way We Should Pay: Comments on The Way We Pay:Transforming the Canadian Payments System” was authored by Todd J. Zywicki, Academic Affiliate at the International Center for Law and Economics and Foundation Professor of Law at George Mason University School of Law, and Philippe Bergevin, a Policy Analyst at the C.D. Howe Institute.
As outlined in the Task Force for the Payment System Review report, Canada’s payments system is falling behind. The thirty-year-old Interac system has facilitated widespread adoption of debit cards in Canada, but it is proving increasingly antiquated to the needs of a modern global economy. This paper explores the current state of the payment system in Canada within a global context and discusses the strong economic principles that should guide the work of the Task Force. Building on a robust framework of innovation and competition, it aims to positively orient the Task Force’s future decisions, while continually reaffirming the negative impact that can result from misaligned institutional incentives.
The paper includes a number of specific suggestions and guidelines for the Task Force’s final recommendations. Most importantly, the paper recommends that:
|Last Updated on Thursday, 29 September 2011 09:51|