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Minister of Finance Urges Europe and G-20 to Strengthen Efforts to Protect Global Recovery

OTTAWA, Ontario, October 17, 2011 — The Honourable Jim Flaherty, Minister of Finance, today called on European leaders and the Group of Twenty (G-20) to act quickly, with strong, united and decisive leadership, to effectively address current economic and fiscal challenges.

In a speech to the Ireland Canada Business Association in Dublin, Minister Flaherty said, “Events during the summer have made it clear that global economic challenges are by no means behind us. The pervasive force of uncertainty is a major inhibitor to growth, and it demonstrates the fundamental need for close cooperation in a global context.”

Following the weekend meeting of G-20 finance ministers in Paris, the Minister characterized the European debt crisis as the world’s most immediate and pressing problem, and one that risks bringing the world to the verge of another recession.

“Europe has the capacity to solve the current crisis, but immediate action is needed,” said Minister Flaherty. “Delays will only make necessary choices more difficult.”

He noted that both Europe and the G-20 have important roles to play in restoring market confidence and protecting the fragile global recovery. “We believe that their plans must be pragmatic and flexible.”

“The choices that must be made in Europe and elsewhere are not easy. A slow response to the recent crisis has allowed it to spread, but political will, decisiveness and a clear plan can resolve it, if action is taken now.”

News source: Department of Finance


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