"In 2008, the World Economic Forum ranked the Canadian banking system as the healthiest in the world. America was ranked 40th, Britain 44th.
Canada has done more than survive this financial crisis. The country is positively thriving in it. Canadian banks are well capitalised and poised to take advantage of opportunities that American and European banks cannot seize. The Toronto Dominion Bank, for example, was the fifteenth largest bank in North America one year ago. Now it is the fifth-largest. It hasn't grown in size; the others have all shrunk.
So what accounts for the genius of the Canadians? Common sense. Over the
past fifteen years, as the United States and Europe loosened regulations on their financial industries, the Canadians refused to follow suit, seeing the old rules as useful shock absorbers."
Fareed Zakaria/ Newsweek
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