Bank of Canada calls for more cross-border financial integration with U.S. - from TRUNEWS

The Bank of Canada is calling for more financial integration with the United States as a way to ease cross-border trade and banking.

Deputy governor Lawrence Schembri said Thursday that markets have begun to fragment due to inconsistencies created by the policy reforms that followed the financial crisis — such as the Dodd-Frank Act in the U.S.

In a speech in Windsor, Ont., Schembri said Canada and other jurisdictions have been caught in the middle and now face rising costs to cross-border trade.

He also said new rules in the U.S. have piled legal and administrative costs on Canadian banks with operations on American soil.

“We both have much to gain by strengthening financial integration between our two countries,” he told the Windsor-Essex Regional Chamber of Commerce.

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