The large Wall Street commercial banks and brokerage houses including Citibank, Chase Manhattan, J.P. Morgan, and others would eventually come to dominate a large share of the Canadian financial services industry. The mergers would dramatically affect access to loanable funds particularly by small and medium sized enterprises. The mergers combined with financial deregulation would transform Canada and its provinces. With Canadian banks fully integrated into the US financial landscape, Canada would no longer constitute a separate economic and financial entity. Canada as a nation would be transformed.
Money creation is the basis of economic and political sovereignty.
If the bank reforms were to go ahead, this would affect the foundations of the Canadian monetary system. The recommendation of the Liberal task force on financial services does not signify that the bank merger proposal is dead. It is also important to make sure that the mergers are not implemented in a de facto fashion through the back door, by bypassing Legislative approval.