The Globe and Mail reports in its Wednesday, May 6, edition that EQ Bank chief executive officer Chadwick Westlake is critical of Canada's banking sector for not prioritizing consumers and businesses, urging Ottawa to accelerate measures to boost competition and productivity. The Globe's Stefanie Marotta writes that Mr. Westlake said Tuesday that Canada has a "rare time-sensitive opportunity" to revive financial services as the federal government reshapes trade routes and global partnerships. Ottawa aims to increase competition in the concentrated banking sector to tackle affordability issues and lending gaps for certain businesses. Mr. Westlake said: "Our economy also relies heavily on our financial system, a system which is not currently delivering for everyday Canadians in the way it could or should. ... Our banking system provides economic infrastructure, enables capital allocation and directly shapes our national productivity. This is not a sector on the margins. This is an essential system, and right now, that system is not working as well as it should for everyday Canadians." Banking contributes to about 8 per cent of Canada's gross domestic product, one of the highest ratios among any developed economy.