Deputy governor Nicolas Vincent used a speech in Quebec City to tie the productivity emergency to three broad issues: the investment climate, competition and skills development. (The Logic)

Talking point: The remarks are significant because the central bank typically protects itself from accusations of political interference by sticking to its inflation remit. Vincent avoided telling politicians what to do; instead, he suggested where they could look. He said business leaders regularly say that Canada “isn’t very conducive to investment,” in part because regulation is “too cumbersome, complex and far-reaching.” He observed that larger companies are generally the most productive, and that Canada has fostered a disproportionate number of smaller ones. Another observation that could make some people uncomfortable: Vincent named telecommunications, passenger transportation and financial services as industries where concentration makes it hard for new entrants. “Monetary policy cannot address weak productivity,” Vincent said. “But the bank can play a role in encouraging a national dialogue.”