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Minister of Finance Calls for International Cooperation to Support Global Economic Recovery

OTTAWA, Ontario, October 05, 2011 — The Honourable Jim Flaherty, Minister of Finance, today called on governments in both advanced and emerging economies to work together to strengthen market confidence and forge the policies needed to promote and sustain the global recovery.

In a keynote address to the Canada-U.S. Securities Markets Summit in New York City, sponsored by the Investment Industry Association of Canada and the Securities Industry and Financial Markets Association, the Minister said, “The pervasive effect of global uncertainty is a major inhibitor to growth. With headwinds re-emerging, we must return to strong, united and decisive leadership, especially by the G-20 nations, to effectively address our current economic and fiscal challenges. In today’s difficult conditions, we need people, organizations and countries that show strong political will, decisiveness, and clarity.”

Canada, the U.S. and other non-eurozone countries have urged European leaders to commit to an expanded emergency fund to deal with their sovereign debt problems and protect exposed banks. The Harper Government has also called for credible medium-term fiscal consolidation plans in countries with large fiscal deficits.

“We believe that such plans have to be pragmatic and flexible, as Canada’s are, should the global economy falter,” Minister Flaherty said. “We have also stressed that emerging market economies, particularly those with fixed exchange rates, have an important role to play in rebalancing global demand by putting in place measures to allow their exchange rates to appreciate.”  The Minister said, “Our chief enemies now are uncertainty and delay, which will only cause more difficulties, make resolving the situation more expensive and create increased volatility. I firmly believe effective, coordinated leadership is the best way to successfully meet the challenge of building a better future.”

News source: Department of Finance


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