Doing a quick visit to the blogoshphere I found an interesting and reassuring note in the Foreign Policy Blog. Canada has the soundest banking system in the world. In order to confirm this assertion I went to the source: The World Economic Forum's 2008-2009 Competitiveness Report. And indeed, the document's Section VIII, Financial Market Sophistication does list Canada at the top when it comes to a sound banking system. By comparison, the US banking system was ranked 40th in the world and the UK's 44th. This survey was conducted prior to the current meltdown, but it does give Canadians some reassurance nonetheless. As for the Competitiveness index Canada gained three spots to break the top ten going from 13th to 10th. What will be very interesting to see will be the 2009-2010 Competitiveness Report in a year's time once the current financial crisis plays out. I suspect Canada will do much much better.
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Jaime
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