The Globe and Mail reports in its Wednesday edition that Canada has one of the most uncompetitive banking systems in the industrialized world. Guest columnist Andrew Spence writes that the sector's share of revenue relative to GDP far outstrips that of the United States, Australia, Britain and other European countries. Canada's banks charge some of the highest fees for service in the world. At least Canada's banking industry executives are now saying the quiet part out loud, in an attempt to convince the public that the banking oligopoly serves us well despite its egregious cost. Addressing a Scotiabank investor conference last year, RBC's Dave McKay, without a trace of irony, said: "They talk about Canada as being an oligopoly. It is a ruthless oligopoly, at the end -- ruthlessly competitive." And just last week, National Bank chief executive officer Laurent Ferreira was bald-faced in his defence of oligopoly's producer privilege, implying that Canadians should be grateful for their high-priced banking services, saying, "An oligopoly is actually a good thing for our country." Contrary to Mr. Ferreira's view, concentration and oligopoly at the expense of affordability are not necessary to deliver stability.