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Articles by Robert Fay
Real-Time Rail: Dead on Arrival
Prolonged Real-Time Rail delays and bank-dominated governance are leaving Canada’s payments system uncompetitive, costly and unfit for the digital age. The ambition to simply get the RTR in place is a low bar and bolder action is required.
Digital Transformation of the Canadian Financial Services Industry
On October 3–4, 2024, the Centre for International Governance Innovation (CIGI) — alongside Cornell University Law School, the McKenna Institute and the University of New Brunswick Law School — hosted an in-person conference that brought together high-level policy makers, entrepreneurs, academics, and finance, legal and technology professionals to explore the opportunities and challenges presented by the digital transformation of the Canadian financial services industry and how policy should...
How Can Canada Weather the Tariff Assault? Here’s a Five-Point Plan
Not surprisingly, the prophecy of gloom and doom surrounding potential tariffs and the large negative economic impact that Canada would face has dominated economic and political discussions. The common response is to retaliate, drawing upon the playbook that was used during the previous Trump administration. These tariffs, however, defy economic logic and are beggar-thy-neighbour policies that will only result in harm in both Canada and the United States.
If We Wish to Unleash the Value of Data, We Will Need Better Governance
To fully unleash the value of data for individuals, communities and society, we urgently need updated data governance frameworks. The challenge is how to make that happen. Eyes have a tendency to roll when data governance is mentioned. The subject can seem impenetrable. The detail of how data is collected, categorized, stored, used, shared and sold all happens behind the scenes. And although methodologies exist to value data, no ideal or agreed-upon system has yet emerged.
The Shifting Value of Personal Data
Data is in high demand for research and innovation, and data about humans and their activities is particularly sought after. Such data undoubtedly has commercial value — but it also has a different kind of value for those to whom it pertains. That value has typically been articulated in non-monetary terms, focusing on the importance of personal data to an individual’s autonomy and dignity.
The Role of Governance in Unleashing the Value of Data
In 2018, the Centre for International Governance Innovation (CIGI) released an essay series titled Data Governance in the Digital Age.1 It was a far-reaching compendium covering topics such as the rationale of a data strategy, how to balance privacy and commercial values, and international policy considerations. And it anticipated many of the issues that have emerged, such as surveillance capitalism. One area that was not covered in depth, however, was data valuation.
The Role of Governance in Unleashing the Value of Data
In 2018, the essay series Data Governance in the Digital Age anticipated some of the data governance issues that have emerged, such as surveillance capitalism and the economics of data, but did not cover data valuation in depth. Data is increasingly central to economic activity and how we make sense of the world, but it is still not valued in either national or corporate balance sheets.
AI-Driven Productivity Gains Will Be Hard to Quantify
The Nobel-Prize winning economist Robert Solow noted in the late 1980s that “you can see the computer age everywhere but in the productivity statistics.” True then, true now. Artificial intelligence (AI) technologies are the new computer age. Everyone is talking about them, new models are being developed and released at lightning speed, and millions if not billions of users are experimenting with them. Yet productivity in Canada and elsewhere continues to languish.
To Boost Productivity, Canada Must Revamp Its Economic Frameworks
That Canada has a productivity problem is not news. Economists and commentators have typically responded with a call for greater investment, as if that could solve the problem. But this is almost like saying the cure to a disease is to cure the disease. Certainly, we need greater investment in human, intellectual and physical capital. In an accounting sense that would boost growth. But the deeper question is this: Why don’t Canadian firms invest more than they do?
Digital Governance: Technology Tensions with China and Implications
As a superpower that is deeply integrated in global supply chains, China is becoming an economic giant, but its use of technology to capture data using methods that may pose cyber- and national security risks is raising concerns. While some view China’s motivations as an attempt to advance its status from an upper-middle-income economy to a developed economy, others see more nefarious intentions behind its authoritarian, top-down governance model.
The Valuation of Data: Findings and Discussion
Data affects every aspect of people’s lives, from the jobs they do to the products and services they use. Society cannot function without it. Yet valuing data is an ongoing topic of debate and discussion. The International Association for Research in Income and Wealth and the Centre for International Governance Innovation hosted a conference on the valuation of data on November 2–3, 2023.
Governing Data and AI to Protect Inner Freedoms Includes a Role for IP
Generative artificial intelligence (AI) has caught regulators everywhere by surprise. Its ungoverned and growing ubiquity is similar to that of the large digital platforms that play an important role in the work and personal lives of billions of individuals worldwide.
2023: The Year in Review
We asked: “What were the greatest global successes of 2023 and where does opportunity lie in 2024?” Dianna English, Director of Program Management Looking back at 2023, we see human rights violations and abuses continue to ricochet on- and offline, as we saw in last June’s violent attack at the University of Waterloo. Freedom House reported that global internet freedom declined for the thirteenth consecutive year.
CBDCs and Their Implications for the International Monetary System
Central bank digital currencies (CBDCs) promise to revolutionize the way the world uses money, but there are questions around the impacts on monetary regulation and financial markets that still need to be answered. Unlike other types of digital currencies, such as cryptocurrencies and stablecoins, CBDCs are considered more trustworthy as a national currency because they are issued by national banks.
Data: The Precious Asset We Chronically Undervalue
Data has been referred to as the new oil, the oxygen of artificial intelligence (AI) and even as the new plutonium. No matter the analogy, it’s clear that data is broadly deemed to have value. That’s as it should be. Data is at the heart of our intangibles-based economy. It’s central to innovation and new technologies such as generative AI. And it’s the foundation of all social media platforms. Data is, quite literally, transforming existing businesses and creating new ones, as we speak.
Canadians Are at the Wrong End of a Data Vacuum; Let’s Fix It
Canadians live at the wrong end of a data vacuum. Domo’s “Data Never Sleeps” report estimates that each person generates about 1.7 megabytes of data per second, equivalent to roughly 850 pages of plain text — every second. Currently, we have little control over where this data goes or who ultimately derives the greatest benefits from its use. This needs to change. Consumers are the heart of our economy, and their data is at the heart of the digital economy.
US Case Against Google Has Important Implications for Canadian Consumers
Google’s monopoly on online search engines has finally gone to trial in the United States, three years after the US government filed a lawsuit alleging violations of antitrust law. At issue is the nature of the internet search market — but from a broad public interest perspective, this is a case about power. Right now, big tech sets out the rules of the digital marketplace; online, it plays both judge and jury.
Real Harms, Not Doomsday Robots, Should Be the Focus of AI Regulation
Generative artificial intelligence (AI) has caught the world by storm — and by surprise. What was once confined to a specialized domain has now permeated the daily lives of ordinary citizens. Yet there are no coherent guardrails in place, no user-friendly manuals and no national nor global standards or regulations.
Canada’s Outdated Banking and Payments System Costs Consumers Dearly
The following is based on discussions at the Digitalization of Payments and Currency workshop hosted in March 2023 by the Centre for International Governance Innovation and Bennett Jones LLP. The full conference report is now available.
Digitalization of Payments and Currency
As a growing number of countries adopt digital payments and currencies, the Centre for International Governance Innovation and Bennett Jones LLP hosted a virtual workshop on March 7, 2023, to discuss the implications for Canada.
United Nations World Data Forum
Monday, April 24, 2023 11:00 AM - 12:27 PM CST (UTC+08:00) Public Event: CIGI Sponsored (Hybrid) Register Now Google Outlook iCal This virtual panel discussion, organized by CIGI, is part of the United Nations World Data Forum. Members of the public can register for the virtual panels for free.
Digital Governance in China: Data, AI and Emerging Technologies, and Digital Trade
China derives its strength as a digital economic powerhouse from its focus on big data, artificial intelligence (AI) and other emerging technologies, and digital trade. But its future growth in these areas may be stunted by US trade restrictions on chip exports and other decoupling measures. The Centre for International Governance Innovation hosted a virtual workshop on November 28, 2022, to explore these issues in the context of China’s digital governance practices.
As Canada Moves toward Open Banking, Consumers Must Be at the Table
Following the federal advisory committee’s final report last year, Randy Boissonnault, the junior finance minister, appointed Abraham Tachjian to oversee the transition to an open banking regime, which would give Canadians greater control of their financial data, and working group discussions are under way.
Vass Bednar: If open banking is for consumers, why are they missing from the discussion? Original
Everyday Canadians, the core stakeholders set to benefit from the data mobility rights open banking will afford, seem to be an afterthought in current development process Bank towers in Toronto's financial district. Photo by Peter J. Thompson/National Post Article content Open banking continues its slow march forward in Canada. Advertisement 2 This advertisement has not loaded yet, but your article continues below.
Next 100 Symposium Canada
Wednesday, September 21, 2022 9:00 AM - Thursday, September 22, 2022 4:30 PM EDT (UTC–04:00) Public Event: CIGI Sponsored Register Now Google Outlook iCal The Global Arena Research Institute is proud to announce that the 2022 Next 100 Symposium will be hosted at the Centre for International Governance Innovation campus in Waterloo, Canada, with our strategic partners, the Balsillie School of International Affairs and Nordic Foresight.
Canada Needs a Modernized Competition Law
Canada is well behind its global peers in taking the reform of competition laws seriously, but this may be about to change: the most recent federal budget gave notice of a broad consultation on the Competition Act, the cornerstone law that governs the terms of free and fair competition.
Rogers Outage Revealed Urgent Need for Better Regulatory Cooperation
The Rogers shutdown was a shocking surprise, from so many angles. Millions of people woke up to find themselves cut off from cell and internet service; the outage affected their work, commerce, and leisure. Essential services were cut off, too, revealing a worrying lack of resilience. How could a mere maintenance upgrade bring down a system for hours? Obviously, Rogers bears much responsibility for the failure. But there are larger policy and regulatory issues at play.
Canada Can Have a Digital Currency, but Leadership Is Needed
Buried in Canada’s recent federal budget is a brief section entitled “Addressing the Digitalization of Money.” The passage notes that “a safe and secure financial system is a cornerstone of our economy.” Very true.
Deciding on a Digital Dollar: The Necessary Steps for Canada
A growing number of countries around the world are considering or implementing retail central bank digital currencies (CBDCs) that could be used by both consumers and businesses. Before Canada joins its peers in this endeavour, it can learn from their experiences. This conference report is based on an April 2022 workshop attended by Canadian and international experts.
Competition Policy Series: What Steps Must Canada Take to Address the Challenges from Digital Technologies?
Wednesday, June 8, 2022 12:00 PM - 1:00 PM EDT (UTC–04:00) Public Event: Virtual Event Register Now Google Outlook iCal The Centre for International Governance Innovation (CIGI) is pleased to invite you to our third virtual event in the Competition Policy Series, “What Steps Must Canada Take to Address the Challenges from Digital Technologies?”, on Wednesday, June 8, 2022, from 12:00 PM–1:00 PM EDT (UTC-04:00).
Oliver Wyman Forum: Data's Transformative Power: Opportunities, Risks, and Privacy
Tuesday, May 10, 2022 11:00 AM - 6:00 PM CEST (UTC+02:00) Private Event: Conference Hosted by the Oliver Wyman Forum: Global, traumatic events of unprecedented proportions are today challenging our daily lives and future plans. The war in Ukraine is the most recent example. We are horrified by the tragedy unfolding, and at the same time even more painfully conscious of the paramount role that dialogue plays.
Digital Economy Partnership Agreement Is a Big Step Forward: Canada Should Join
The Digital Economy Partnership Agreement (DEPA) launched in 2020 by Chile, New Zealand and Singapore has drawn little international notice until recently. But a new flurry of interest has sprouted, with many countries seeking entry, including China. Canada signalled its desire to join more than a year ago but so far there is little evidence of momentum. Membership now takes on greater urgency and should proceed with renewed vigour and without delay.
Fay and Ciuriak: Why Canada must join new global digital trade pact
The Digital Economy Partnership Agreement, launched in 2020 by Chile, New Zealand and Singapore, is starting to draw international attention. Getting in on the ground floor would be smart. Thus far, the discussion of digital trade has been dominated by large states and multinational corporations while smaller countries have had relatively little say. DEPA can change that.
Opinion: Why Canada must join new digital trade pact
The Digital Economy Partnership Agreement, launched in 2020 by Chile, New Zealand and Singapore, is starting to draw international attention. Getting in on the ground floor would be smart. Thus far, the discussion of digital trade has been dominated by large states and multinational corporations while smaller countries have had relatively little say. DEPA can change that.
Global Governance of Data and Digital Technologies: A Framework for Peaceful Cooperation
Digital technologies and data have transformed our daily lives. At the same time, however, the massive release and consumption of data, especially personal data, have revealed profound governance gaps. Indeed, current governance arrangements over data and digital technologies are incoherent and fragmented nationally and internationally — where they even exist. There are vast and powerful vested corporate, national and geostrategic interests at play that have led to this fragmentation.
The Digital Economy Partnership Agreement: Should Canada Join?
The Digital Economy Partnership Agreement (DEPA) provides the most comprehensive template yet for a regional trade agreement tailored for the digitally transformed economy. The DEPA lays groundwork for discussions on critical areas that go beyond the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
Digital Economy Report 2021
The event will be hosted in English and include simultaneous translation in French. L’événement se déroulera en anglais et comprendra une traduction simultanée en français. With cross-border data flows surging, data have become an increasingly important economic and strategic resource. At the same time, the governance of data remains fragmented at best. The Digital Economy Report 2021 takes a deep dive into the development and policy implications of cross-border flows of digital data.
Digital Money: An Opportunity for Canada, if We Seize It
Around the world financial systems are digitizing to provide faster, cheaper and more secure and comprehensive services to households and businesses. Meanwhile, cryptocurrencies, stablecoins and central bank digital currencies are attracting substantial public attention. They are reflections of the ongoing digitalization of the global economy, driven by innovation and competition, that is creating new opportunities worldwide. The potential benefits are many.
Canada and the Digitalization of Money: Key Takeaways from a Virtual Workshop of International and Canadian Experts
About the Authors Robert (Bob) Fay is the managing director of digital economy at CIGI. The research under his direction assesses and provides policy recommendations for the complex global governance issues arising from digital technologies. David Dodge is the former Governor of the Bank of Canada and Deputy Minister of Finance. He is Senior Advisor at Bennett Jones LLP, and chairs the National Council of the C.D. Howe Institute.
WTO Public Forum 2021: How to Construct a Global Governance Architecture For Digital Trade
The theme of the World Trade Organization's 2021 Public Forum (September 28 – October 1) is Trade Beyond Covid-19: Building Resilience. The forum will feature a working session by the Centre for International Governance Innovation (CIGI) entitled "How To Construct a Global Governance Architecture For Digital Trade." There is an urgent need to strengthen the multilateral trading system and ensure that it adapts to new digital realities while being inclusive and representative of all regions.
Reining in Big Tech: Is This the End of the Beginning?
Last month, on June 24, the US House Committee on the Judiciary passed a package of new measures broadly aimed at curtailing the power of big tech. In Canada, Bill C-10 passed the House of Commons, despite criticism and controversy (although it languishes in the Senate and may be nullified by a federal election). We appear to have reached a tipping point in terms of governments’ willingness to insert themselves into platform governance. What are the perils of this political moment?
Statistics Canada Should Be Central to a National Data Reuse Framework
This article is a part of a Statistics Canada and CIGI collaboration to discuss data needs for a changing world. Canada is lagging in the global race to assert sovereignty over data. Although governments are making progress in protecting consumers against data misuse, Canada is falling behind in managing the risks associated with data sharing or reuse.
Statistics Canada Should Be Central to a National Data Reuse Framework
Tunney's Pasture, the home of Statistics Canada, in Ottawa. (Rob Kelk/Wikimedia Commons) This article is a part of a Statistics Canada and CIGI collaboration to discuss data needs for a changing world. Canada is lagging in the global race to assert sovereignty over data. Although governments are making progress in protecting consumers against data misuse, Canada is falling behind in managing the risks associated with data sharing or reuse.
Digital Technologies: Building Global Trust
The Centre for International Governance Innovation (CIGI) and the Italian Institute for International Political Studies, in cooperation with The GovLab and Konrad Adenauer Stiftung, are pleased to co-host Digital Technologies: Building Global Trust as part of the Think20 (T20) Spring Roundtables. This virtual event will be held on Tuesday, June 15, at 10:30 a.m. EDT/4:30 p.m. CEST.
Brief to the Standing Committee on International Trade
On April 23, 2021, CIGI President Rohinton P. Medhora addressed the Standing Committee on International Trade regarding trade and investment policy’s role in the production and distribution of COVID-19 vaccines. The following is a lightly edited version of his briefing for the committee.
Control Creep: When the Data Always Travels, So Do the Harms
In 2014, a Canadian firm made history. Calgary-based McLeod Law brought the first known case in which Fitbit data would be used to support a legal claim. The device’s loyalty was clear: the young woman’s personal injury claim would be supported by her own Fitbit data, which would help prove that her activity levels had dipped post-injury. Yet the case had opened up a wider horizon for data use, both for and against the owners of such devices.
Vaccine Shortages and Growing Trade Tensions
Glaring shortages of COVID-19 vaccines are emerging and are expected to get worse in the second quarter of 2021. Rather than cooperate, governments have gone their own ways — often at the expense of the health of people in other nations. Nationalistic policy making and restrictive trade measures are on the rise.
Reckoning With the Size, Scope and Power of Social Media Giants
Corporate Counsel Business Journal (CCBJ): Please explain the background and potential effects of Facebook’s purchase of Instagram and WhatsApp. The Federal Trade Commission (FTC), for instance, has brought an antitrust lawsuit against the social media giant, claiming that it has harmed competition by buying up these smaller companies. Bob Fay: Last summer, the Committee on the Judiciary released a very comprehensive report on the state of online competition.
Sustainable Investment for a Post-COVID World: the role of the G20
CIGI's Bob Fay speaks at the T20 Spring Roundtable on “Sustainable Investment for a Post-Covid World: the role of the G20” on May 31 at 4:00 p.m. CEST, organised by the T20 Co-Chair International Affairs Institute (IAI) and co-promoted by Assicurazioni Generali. The world after COVID-19 should not return to the world that was. The pandemic has accelerated many trends already underway in the global economy, amplifying the need to rethink a greener and more inclusive world economy.
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