Former Bank of Canada governor David Dodge on Greece, rating agencies and transfer payments.

Former Bank of Canada governor David Dodge spoke to the Vancouver Board of Trade on Monday. While his talk focused on the need for a national regulator (read story here), questions after the talk were more broad-based. Here are the questions and answers (paraphrased):

Q: What’s the best direction for Greece to take?

A: Greece should have done something two years ago, that would have been the best action to take.

The European situation is in some sense a bit of a mirror of what’s going on in the rest of the world. The northern countries of Holland, Finland and Germany are very efficient, producing lots of goods and services and selling them to less efficient countries and essentially vendor-financing parts of Europe to buy those products.

Read the rest here.