There is a difference, if one considers the responsibilities of the Bank of Canada. The main motivation of countries that are in favour of a tax on wholesale financing is financial stability.
In our view, the important issue is determining if this tax is the best way to reach our financial stability objectives. My answer is no, for several reasons. There is a difference in motivation. There are issues linked to our environment, but they do not impact upon financial stability nor on short term inflationary pressures in Canada.