Managing the Border, Managing the Budget
Dear Mr. Martin, The consequences of the terrorist attacks of September 11 on an already weakening economy make the choices involved in your upcoming budget perhaps the most difficult since you began the arduous task of bringing down the sky-high deficits of the early 1990s. On behalf of all of the member chief executive officers of the Business Council on National Issues (BCNI), we wish you well as you craft its final details. The BCNI has made a number of detailed recommendations on fiscal policy in recent weeks, most notably in a memorandum for the Prime Minister on September 7, a presentation to the Standing Committee on Finance on September 25 and a presentation to the Standing Committee on Industry, Science and Technology on November 1. We also had the privilege of a frank and extensive exchange with you over dinner at the BCNI’s Autumn Members’ Meeting in Toronto on […]
Beyond September 11: Assessing the
Damage, Planning for Recovery
Madame Chair, let me begin by thanking the Committee for this opportunity to help assess the economic effects of the terrorist attacks of September 11 and how Canada can move forward from here. I will leave it to individual company representatives who are appearing before you to offer detailed assessments of the challenges being faced by their specific enterprises. I would suggest, however, that Canadian enterprises have been affected on three distinct levels, each of which demands different business and public policy responses. First, there are the one-time shock effects of the terrorist attacks, economic losses that can be directly attributed to the terrorist attacks themselves and to their aftermath. Second, there are temporary cyclical effects of the economic downturn that was already underway at the time of the attacks. Third, there are persistent structural issues of Canadian competitiveness, problems that could be glossed over in better times but are […]
Jean C. Monty Elected Chairman of
Business Council on National Issues
Jean C. Monty, Chairman and Chief Executive Officer of BCE Inc., has been elected Chairman of the Business Council on National Issues (BCNI). A non-partisan and not-for-profit organization composed of the chief executive officers of 150 leading Canadian enterprises, the BCNI is the senior voice of Canadian business on public policy issues in Canada and abroad. Mr. Monty said that as in the great crises and national challenges of the past, Canada’s business leaders are committed to working closely with governments to ensure the security as well as prosperity of Canadians. “The terrorist attacks of September 11 mean that Canada must give immediate priority to strengthening defence and security and to managing relations with the United States and other allies globally.” He added, however, that today’s circumstances also highlight the need for great fiscal prudence. “Canadians sacrificed too much over the past decade to risk a return to repeated deficits. […]
Terrorism has Changed Priorities but not Fundamentals, Business Leaders Tell Commons Finance Committee
The terrorist assault of September 11 has changed Canada’s short-term priorities, but not the fundamentals of sound fiscal policy, says the Business Council on National Issues (BCNI). And despite today’s high degree of uncertainty, Canada’s long-term economic prospects remain promising, BCNI President and Chief Executive, Thomas d’Aquino, assured the Standing Committee on Finance of the House of Commons. In the short term, however, the need to fund new security-related measures at a time of slowing economic activity will require the federal government to focus on essentials, Mr. d’Aquino added. “We face hard choices between what we want and what we need. In the public and private sectors alike, there is no more room for frills.” His remarks addressed some of the key issues that have emerged in the wake of the terrorist attacks in the United States: On the war on terrorism, he criticized those who suggest that Canada should […]
Beyond September 11: A Time for Prudence,
Creativity and Unity of Purpose
The work of the Standing Committee on Finance has always been about more than money. Debates over revenues and expenditures are no mere accounting exercises. The choices that are made have a real and enduring impact on the lives of Canadians. There often are disagreements about the best means of making progress toward the goals we share as a society. But for all the resulting discord, we are privileged as a nation and we must never take for granted the foundations of our shared prosperity. Two weeks ago, we all watched in horror as thousands of people engaged in the day-to-day struggles of building better lives were crushed and incinerated by those whose only goal was to destroy. This was an assault not just on powerful symbols of private enterprise and military might, but on the core values for which we in Canada stand. It was an attack on freedom, […]
Honing Canada’s Edge:
Fiscal Priorities in an Era of Global Uncertainty
Dear Prime Minister, Early last year, the members of the Business Council on National Issues (BCNI) warned that without vigorous action to consolidate Canada’s advantages and deal with its shortcomings, our country risked a precipitous decline in the standard of living of its citizens. We are pleased to acknowledge that your government acted with commendable speed in addressing the most urgent concerns that we raised. In particular, the decision in October 2000 to accelerate personal and corporate tax cuts proved to be not merely good policy in its own right, but brilliantly timed from a cyclical point of view. The infusion of new spending power reinforced consumer confidence even as the abrupt slowing of demand in high technology shook equity markets and prompted a sharp retrenchment in business investment. That said, the marked decline in overall corporate profitability is having a serious impact on economic growth across the continent. Indeed, it […]
Northern Edge:
Building a Nation of Innovation
I want to talk to you today about innovation. This is, after all, today’s public policy mantra, the focus of an upcoming federal white paper. But I want to make it clear that I am not here to talk about innovation just as the new codeword for the old debate over productivity and competitiveness. They are related, yes, but a national strategy for innovation has to involve far more than pumping money into research or expanding high-speed access to the Internet. I see innovation as a much more fundamental concept, one that operates on two levels. First, it is a process. It is the process through which new ideas are not just developed, but put to good use. Second, innovation is an attitude. It is an attitude that rejects the idea that the way we do things today is the best possible way. It is an attitude that will not […]
Reflections on a Quarter Century of Business Leadership on Behalf of Enterprise and Country
Reflections on a Quarter Century of Business Leadership on Behalf of Enterprise and Country
Business Council on National Issues
Launches Transformation of Mandate
and Reach; Thomas d’Aquino to Lead Organization Through 2003
David O’Brien, Chairman of the Business Council on National Issues (BCNI), today announced the Council’s decision to embark on a major re-engineering of the organization, one that would lead to increasing activity on North American and global issues in addition to its traditional focus on public policy within Canada. The Council has asked Thomas d’Aquino to lead this process of renewal and transformation, and he has agreed to extend his term as President and Chief Executive to the end of 2003. “Earlier this year, I decided to pass the torch on to a successor and to pursue fresh and innovative ways beyond the BCNI to ensure that business leadership in Canada could meet the demands of a rapidly changing global business and policy environment,” Mr. d’Aquino wrote in an exchange of letters with Mr. O’Brien. “The willingness of you and my BCNI colleagues to join me in this quest within […]
Canada as an Economic Performer, Global Competitor and Business Partner
Canada as an Economic Performer, Global Competitor and Business Partner
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