Canada struggles to maintain banking protections in EU trade talks, documents show
A European Union flag billows in the wind as the ruins of the 5th century BC Parthenon temple is seen in the background on the Acropolis in Athens in this November 2012. (AP / Petros Giannakouris)
The Canadian Press
Published Wednesday, February 27, 2013 12:54PM EST
OTTAWA -- A leaked draft of part of the Canada-Europe trade talks shows that Canada's vaunted banking system is on the negotiating table.
The Canadian Press has obtained the Feb. 1 version of the services chapter of the Canada-Europe trade deal that Europe has circulated to its member states.
It shows Canada is struggling to maintain the traditional standards it imposes to protect financial services in Canada from foreign control and financial instability.
The two sides are trying to negotiate a special mechanism that would resolve disputes arising from new forays into each other's financial services markets.
Canada and Europe had both hoped to sign the comprehensive trade deal by the end of last year, but have still not yet reached agreement on key issues such as drug patents, beef, pork, procurement, investment and automobiles.
Talks continue this week in Brussels.