When the Deputy Governor of the Bank of Canada, Carolyn Rogers, says publicly that low productivity in Canada constitutes an “emergency,” obliging us to “break the glass,” you know we have a serious problem. Too bad her diagnoses and prescriptions only nudged the glass, offering tactful central bank generalities, not stern prescriptions for reform. To her credit, Rogers did suggest that government policy was partly to blame. “Government incentives and regulatory approaches can change from year to year … companies are naturally wary of regulatory approval processes that can be both lengthy and unpredictable.”