Paris hasn’t built a skyscraper since the early 1970s. Politicians put a stop to it. They had to. Somehow, the city of Gustave Eiffel forgot how to make tall structures beautiful. An architectural winning streak of seven centuries ended in 1973 with the completion of Montparnasse Tower, the 210-metre monolith designed by Eugène Beaudouin, Urbain Cassan, and Louis Hoym de Marien. The brown steel-and-glass building glowered over the otherwise grey-and-white 15th arrondissement like the Eye of Sauron.
If you have been following along, you will know that Bank of Canada Governor Stephen Poloz and a number of Bay Street economists have been at odds this year over what shade to use when colouring the spaces around the outlook for the Canadian economy. With economic indicators suggesting gross domestic product grew at an annual rate of four percent in the first quarter, the Bay Streeters insist the future is bright.
The vaunted Canadian banking system has been shaken. It survived the test, but not without exposing some weaknesses. A country that lost no banks during the 2008 financial crisis nearly lost one during the wee hours of Monday, May 1, when the Office of the Superintendent of Financial Institutions was on standby to take over Home Capital Group Inc., a Toronto-based lender of subprime mortgages that was experiencing a run on its deposits.