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Why the Bank of Canada Won't Do THE JOURNAL OF THE COMMITTEE ON MONETARY AND ECONOMIC REFORM $3.95 Vol. 28, No. 5 • SEPTEMBER–OCTOBER 2016 CONTENTS Why the Bank of Canada 1 Why the Bank of Canada Won’t Do $40 billion in Infrastructure Won’t Do Funding Urged Readers are encouraged to review Joyce increase economic growth at a time when How Not To Fund Infrastructure Nelson’s article, “The Government’s Proposed the Bank of Canada has once again lowered Liberals Eye “Asset Recycling” and Privately Owned Infrastructure Infrastructure Bank: A 21st Century Trojan its expectations to 1.1 percent this year and Horse,” COMER, March-April 2016. 2 percent in 2017. Monopoly’s New Era The council predicts an infrastructure Canadian Cities Push Back on Plans for Infrastructure Bank $40 billion in Infrastructure bank could raise private capital at a four-to- one ratio to deliver more than $200 billion in Additional Comment Funding Urged and Quotations infrastructure over the coming decade with a 9 Part II: The Secret Court that By Bill Curry, Sean Silcoff, Ottawa, The focus on projects worth at least $100 million. Allows Corporations to Avoid Globe and Mail, October 21, 2016 Ottawa’s previous efforts to attract pri- Punishment for Enormous Crimes • Expert panel on economic growth pre- vate infrastructure investment – including 14 Canadians Launch Constitutional dicts ambitious bank proposal could de- through an agency focused on public-private Challenge Against CETA liver more than $200 billion in projects over partnerships – have had limited success. Pen- 15 Federal Court Hearing, coming decade sion fund managers say Canadian projects to December 7, 2016 • Previous government efforts to attract date have simply not been big enough. 16 Call for Members private investment have had limited success, However, the panel’s 14 members in- 17 What is Really the Matter with pension fund managers saying Cana- clude leaders of some of those institutional with CETA? dian projects too small investors, including Mark Wiseman, senior 18 Hon. Paul Hellyer: An expert panel on economic growth is managing director of BlackRock Inc., and Why I am 100% Opposed to CETA calling on the government to launch an am- Michael Sabia, CEO of the Caisse de dépôt 19 Lobbying Watchdog Probes Liberal bitious national infrastructure bank capital- et placement du Québec pension fund. “Pay‑for‑access” Fundraisers ized with $40 billion in federal funds aimed Examples of potential projects listed on 20 Medicare Threatens to Put Justin at attracting major institutional investors. Thursday include toll highways and bridges, Trudeau to the Test The proposal to entice global pension high-speed rail, port and airport expansions, funds into major Canadian investments city infrastructure, national broadband in- Publications Mail Agreement No. 41796016 goes far beyond anything promised to date frastructure, power transmission and natu- by the federal Liberals, but Finance Min- ral resource infrastructure. ister Bill Morneau – who worked directly The report also says the bank could is- with the panel over the past several months sue infrastructure bonds as a way of raising – signalled a strong openness to the recom- its own capital to invest. Another key rec- mendations announced Thursday. ommendation is a suggestion that Ottawa The Advisory Council on Economic should privatize – in full or in part – some of Growth released three reports calling for the its existing assets as a way of raising money national infrastructure bank, a greater effort that could be spent on other infrastructure to attract foreign investment and a major Continued on page 2 boost to immigration. Mr. Morneau said he’s prepared to act The next hearing before the on some of the ideas as soon as November Federal Court will take place on 1, when he will release the fall fiscal update; Wednesday, December 7, 2016. November 1 is also the deadline for Ottawa to announce its 2017 immigration targets. For details, visit www.comer.org. The goal of the recommendations is to Bank of Canada from page 1 immigration levels, the council also called priorities. on government to make it easier for skilled That advice comes as the government foreigners to immigrate to Canada. Foreign recently hired Credit Suisse AG to analyze executives, programmers and other science- several privatization options for Canadian based professionals typically now wait be- FOUNDING EDITOR airports. tween six and 12 months to have their work John Hotson 1930–1996 Mr. Morneau said the airports study is permits approved. The council called for preliminary work and indicated Ottawa is wide-ranging exemptions for those recruits PUBLISHER–EDITOR not yet committing to any asset sales. from a cumbersome, time-consuming im- William Krehm “As we think about how best to amplify migration process that requires employers ([email protected]) our impact on infrastructure investment to prove they can’t find a Canadian to fill INFORMATION SECRETARY in this country, we need to create ways for the job before offering it to a non-Canadi- Herb Wiseman institutional investors to invest in our coun- an. The council also said foreign students ([email protected]) try,” he said. “So we’ll move forward in a studying in Canada should have an easier Economic Reform (ER) way that will allow us to attract institutional time applying for permanent residency after (ISSN 1187–080X) is published bi- money and it’s not conditional on any other their studies are complete. monthly by COMER Publications government activity around government Edmonton Mayor Don Iveson, who 27 Sherbourne Street North, Suite 1 assets.” chairs the big city mayors’ caucus of the Toronto, Ontario M4W 2T3 Canada The council is chaired by Dominic Bar- Federation of Canadian Municipalities, said Tel: 416 -924-3964, Fax: 416-466-5827 ton, global managing director of the con- cities should be involved in the design of any Email: [email protected] sultancy McKinsey & Co. As The Globe new infrastructure bank. He also noted that Website: www.comer.org and Mail reported earlier this week, the many types of municipal infrastructure are council’s recommendations also include a not likely to attract investors. COMER Membership: Annual dues call to boost immigration by 50 percent to “Public good infrastructure is going to be (includes ER plus 1 book of your choice): 450,000 a year and to launch a department difficult to finance using an infrastructure CDN$50 aimed at enticing foreign direct investment bank,” he said. Economic Reform subscription only: into Canada. Canadian Union of Public Employees One year (6 issues): in Canada, CDN$20; “Now’s the time when we have to take president Mark Hancock said in a state- Foreign, CDN$40 very bold actions,” said Mr. Barton, explain- ment that he strongly opposes the call for an ing that demographic changes will produce infrastructure bank and asset privatization, Send request and payment to: a period of prolonged slower growth that re- calling it “a recipe for the cannibalization of COMER Publications quires a policy response. “They may not be Canada’s public infrastructure.” 27 Sherbourne Street North, Suite 1 Toronto, ON M4W 2T3 new. These [ideas] have been talked about “Nowhere in the report does it mention before, but they haven’t been done. And so that investors in these schemes demand a ER Back Issues: CDN/US$4, includes what we’re keen to do is to jolt it.” much higher rate of return than the govern- postage; additional copies same Federal Immigration Minister John Mc- ment can borrow at,” he said, warning it will issue, $2; additional issue same order, Callum made it clear this week that he lead to new user fees on Canadians. $3. Send requests for back issues to will not follow through on the council’s Doug Porter, chief economist at Bank Herb Wiseman, 69 Village Crescent, call to boost immigration by 50 percent to of Montreal, said the proposals, if imple- Peterborough ON K9J 0A9. 450,000 a year. mented, would not have much impact on “That’s an enormous number,” Mr. Mc- the economy in the short term, but they Copyright © 2016 Callum told reporters Wednesday. He said could improve Canada’s outlook over a COMER Publications many stakeholder groups have urged him to longer period. All rights reserved increase Canada’s current immigration tar- “We are dealing with a relatively sluggish Permission to reproduce is granted get of 300,000, but many Canadians have global economy that is impeding exports, if accompanied by: “Copyright © 2016 COMER Publications. also said they do not support a major in- and there is very little we can do about that,” Reproduced by permission of crease. He also said there is a significant fed- he said. “Here in Canada we are dealing COMER Publications” eral expense in accepting more immigrants. with fundamentally sluggish productivity In its white paper titled “Bringing For- growth and changing demographics, which Postmaster, please send address eign Direct Investment to Canada,” the are leading to slower labour force growth. corrections to: council recommends creating an FDI agen- Those two things are very difficult to turn COMER Publications cy to attract “anchor companies” to invest around.” 27 Sherbourne Street North, Suite 1 here, and to develop an accompanying strat- Toronto, Ontario M4W 2T3 egy to attract the investment. “These actions Our Comment would bring much-needed coherence to The Canadian Infrastructure Bank is PRINTING AND DISTRIBUTION what is currently a disjointed approach to indeed an ambitious bank proposal – a bold Watt Solutions Inc., London foreign investment,” the council report says, move to consolidate the neoliberal victories Printed in Canada on recycled paper. adding that such a strategy could increase of the past four decades and to ensure their GDP by $43 billion. benefits long-term.
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