Ottawa, October 6, 2010

Archived - Canada’s Global Leadership Remains Strong as Role as G-7 Chair Draws to a Close

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The Honourable Jim Flaherty, Minister of Finance, today highlighted some of Canada’s accomplishments on the international economic front as he prepares to head to Washington D.C. this week for one of Canada’s last meetings as chair of the Group of Seven (G-7) industrialized nations.

“Canada has had a remarkable year as chair of the G-7,” said Minister Flaherty. “From our ‘back to basics’ G-7 meeting in Iqaluit to the G-8 and G-20 summits in Huntsville and Toronto to the meetings this week in Washington, Canada has been playing a pivotal role in shaping global actions on the economy.”

Minister Flaherty will host a G-7 dinner and chair the Commonwealth Finance Ministers Meeting in Washington on October 8. The Minister will also attend the annual meetings of the International Monetary Fund and the World Bank.

The Washington meetings will focus on the global economy and outcomes and priorities set at the G-20 summit in Toronto in preparation for the upcoming G-20 meeting in Seoul on November 11-12.  The Commonwealth Finance Ministers Meeting will provide a forum for dialogue between G-20 and non-G-20 Commonwealth nations, focusing on the world economy, environmental sustainability and debt relief issues.

“Canada has had a leadership role throughout the global economic crisis, serving as a role model to the rest of the world,” said Minister Flaherty. “We have fared better than all other G-7 countries, and have been consistently recognized internationally for the strength of our banking system.”

“We fought and won against the push for a global bank tax, recognizing that there are better approaches to ensuring a stable financial sector. Our regulatory approaches and financial stewardship have served as an example to many countries around the world, which have taken their cue from the Canadian model.”

Other key accomplishments stemming from Canada’s international leadership this year include:

  • Being instrumental in shaping reforms to the global financial sector through international organizations such as the Financial Stability Board and the Basel Committee on Banking Supervision.
  • Keeping global focus on the recapitalization of international financial institutions, allowing them to double their lending capacity and to be a central pillar of the global response to the financial and economic crisis.
  • Leading a G-7 and G-20 consensus to have all of Haiti’s debts forgiven, including those owed to international financial institutions, after the country suffered a devastating earthquake in January.
  • Implementing roughly $7 billion of time-limited guarantees for the African Development Bank and the Inter-American Development Bank, and co-chairing an international working group that resulted in the largest capital increase in the history of the Inter-American Development Bank.
  • Investing $20 million as part of the G-20 Small and Medium-Sized Enterprise (SME) Finance Challenge to provide SMEs in developing countries with critical access to financing to expand their businesses and create jobs.
  • Proving Canada’s commitment to open markets and setting an example globally by eliminating more than 1,700 tariffs, making Canada the first tariff-free zone for manufacturers in the G-20.

“As we prepare to pass the torch to France as next year’s G-7 chair, we recognize that there is still work to do to secure the global economic recovery, and Canada will continue to provide a strong example to the world,” said Minister Flaherty.

For further information, media may contact:

Annette Robertson
Press Secretary
Office of the Minister of Finance

Jack Aubry
Media Relations
Department of Finance

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