Industry committee  This is the very nature of two-sided markets. This is why two-sided markets are so different from what we see in the economic textbooks that we all teach. You possibly are right, and I think the remedy, the way to fix this problem, is through the competition authorities, which

Finance committee  This is the very nature of two-sided markets. This is why two-sided markets are so different from what we see in the economic textbooks that we all teach. You possibly are right, and I think the remedy, the way to fix this problem, is through the competition authorities, which

Industry committee  I think there's some role for government in terms of financial education and financial literacy. I think we know that financial literacy among most average people is very low. People make poor decisions because they have a lack of education on financial issues. So there's a key r

Finance committee  I think there's some role for government in terms of financial education and financial literacy. I think we know that financial literacy among most average people is very low. People make poor decisions because they have a lack of education on financial issues. So there's a key r

Finance committee  One addition to my point is that, very interestingly, a few months ago the European Union, in a major anti-trust case against MasterCard on this identical issue, resolved the issue precisely in the way that Mr. Mulcair is discussing. The European Union decided that the interchang

Industry committee  One addition to my point is that, very interestingly, a few months ago the European Union, in a major anti-trust case against MasterCard on this identical issue, resolved the issue precisely in the way that Mr. Mulcair is discussing. The European Union decided that the interchang

Finance committee  I believe the answer is actually quite simple: the money came from the interchange fee that the retailer pays. What you have is a completely predictable outcome that economic arguments would lead to, based on the notion of a platform. It's based on the notion of a two-sided model

Finance committee  Sometimes, if he can. But sometimes he can't, and it depends on the market situation of each retailer.

Finance committee  If the retailer is in a competitive market and can't pass on the retail fee, that cuts into his profit. If the retailer has monopoly power, in the way economists describe it, then he can pass it on and it comes from the consumer.

Industry committee  I believe the answer is actually quite simple: the money came from the interchange fee that the retailer pays. What you have is a completely predictable outcome that economic arguments would lead to, based on the notion of a platform. It's based on the notion of a two-sided model

Industry committee  Sometimes, if he can. But sometimes he can't, and it depends on the market situation of each retailer.

Industry committee  If the retailer is in a competitive market and can't pass on the retail fee, that cuts into his profit. If the retailer has monopoly power, in the way economists describe it, then he can pass it on and it comes from the consumer.

Finance committee  In terms of regulation, I was reading the transcripts of the Senate hearings a few months ago on this issue, and I think the most interesting thing for me, certainly, that came out of that meeting was when the senators talked to people from the Competition Bureau. What came out w

Finance committee  Thank you. That's a really excellent question, and I think it ties into my key point to this committee, which is that a change will happen not through regulation, but through innovation, through new developments, through technology. The example you give is cellphones and the

Industry committee  In terms of regulation, I was reading the transcripts of the Senate hearings a few months ago on this issue, and I think the most interesting thing for me, certainly, that came out of that meeting was when the senators talked to people from the Competition Bureau. What came out w