I am very glad you asked that question.
I do not think that there is any contradiction there. First, Canada has a solid financial structure that was the envy of a number of countries in the recent recession. The structure managed securities through a Canadian passport system that the regulatory bodies recognized. The system works well. Here is how I assess the issue:
“If it ain't broke, don't fix it”.
It was seen to have worked.
In fact, there was a Supreme Court judgment about the problem that arose in the last recession, systemic risk. This is probably, and justifiably, a type of problem that should be dealt with by a federal agency or at least should be within federal responsibility.
My personal position is specific to Montreal and Quebec. For a long time, we have chosen to operate within a federated system. One of the basic conditions for social order in this country, from Quebec's point of view, is that we accept that a federated system requires federated solutions. The temptation for centralized solutions will always be there. You will always find examples from around the world where centralized solutions work.
Canada's challenge is to show the world that we can have a federated system that is built on shared jurisdictions and that works because of it. That imposes an additional duty on us. In areas where jurisdiction is shared, where it seems to be working, let's make the effort to make it work well using our federated models and let's resist the centralized solution, tempting though it may be. In my opinion, a solution like that will have a negative effect on Canadian cohesion from Quebec's point of view.