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Industry committee Yes. Well, the answer to your question is no, we would not want a system like the Interac system for credit cards. It may have fortuitously worked well for Interac back in the mid-nineties, but as I said earlier, we need to change it now. Just really to echo what Professor Lee
June 9th, 2009Committee meeting
Prof. Roger Ware
Industry committee Well, of course, there's nothing to stop you using a debit card to make your purchase, in which case you'll get that. On your point about variety, you know we could argue that consumers all want to wear white shirts, and if we just made them wear white shirts, then they'd all be
June 9th, 2009Committee meeting
Prof. Roger Ware
Finance committee Yes. Well, the answer to your question is no, we would not want a system like the Interac system for credit cards. It may have fortuitously worked well for Interac back in the mid-nineties, but as I said earlier, we need to change it now. Just really to echo what Professor Lee
June 9th, 2009Committee meeting
Prof. Roger Ware
Finance committee Well, of course, there's nothing to stop you using a debit card to make your purchase, in which case you'll get that. On your point about variety, you know we could argue that consumers all want to wear white shirts, and if we just made them wear white shirts, then they'd all be
June 9th, 2009Committee meeting
Prof. Roger Ware
Finance committee I cannot cite one for you, no.
June 9th, 2009Committee meeting
Prof. Roger Ware
Industry committee I cannot cite one for you, no.
June 9th, 2009Committee meeting
Prof. Roger Ware
Finance committee Yes. I agree with my colleague Jack Carr, actually. The answer is that cash is a high-cost form of payment, so the consumer who pays cash pays $2 more for the good, as it should be, because he—or she, rather—is using a costly form of payment.
June 9th, 2009Committee meeting
Prof. Roger Ware
Finance committee No, I cannot, but I'm a believer in competition. I don't have a study, but you're talking about—
June 9th, 2009Committee meeting
Prof. Roger Ware
Finance committee We look at prices. One of the things economists do is believe in competitive markets. Prices will move to costs.
June 9th, 2009Committee meeting
Prof. Roger Ware
Finance committee See, I would turn this around to you and say that in every single market we see in our economy, which we believe to be competitive, we would believe that prices correspond to costs. So why would you not believe that in this case?
June 9th, 2009Committee meeting
Prof. Roger Ware
Industry committee Yes. I agree with my colleague Jack Carr, actually. The answer is that cash is a high-cost form of payment, so the consumer who pays cash pays $2 more for the good, as it should be, because he—or she, rather—is using a costly form of payment.
June 9th, 2009Committee meeting
Prof. Roger Ware
Industry committee No, I cannot, but I'm a believer in competition. I don't have a study, but you're talking about—
June 9th, 2009Committee meeting
Prof. Roger Ware
Industry committee We look at prices. One of the things economists do is believe in competitive markets. Prices will move to costs.
June 9th, 2009Committee meeting
Prof. Roger Ware
Industry committee See, I would turn this around to you and say that in every single market we see in our economy, which we believe to be competitive, we would believe that prices correspond to costs. So why would you not believe that in this case?
June 9th, 2009Committee meeting
Prof. Roger Ware
Finance committee Just very quickly, in the debit area, what government needs to do is reduce the barriers to entry and encourage entry, as I said earlier. If they achieve that, then we will get more competition and consumers will benefit. In the credit area, just to follow on from one thing Jack
June 9th, 2009Committee meeting
Prof. Roger Ware