Stockholm, Sweden, May 6, 2012

Archived - Minister Menzies Highlights Canada’s Economic Performance and Fiscal Leadership During European Visit

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The Honourable Ted Menzies, Minister of State (Finance), today highlighted Canada’s strong fiscal management and the need for decisive leadership in addressing the ongoing sovereign debt pressures in Europe.

Attending the Medium-Term Budgetary Frameworks and Fiscal Consolidation Programs conference hosted by the International Monetary Fund’s (IMF’s) Fiscal Affairs Department and Sweden’s Ministry of Finance, Minister Menzies will engage in an expert panel discussion to provide an overview of Canada’s successful efforts in responding to the global economic downturn. In particular, he will describe Canada’s recent experience in implementing a medium-term fiscal consolidation program while maintaining Canada’s strong economic performance.

“Our Government’s priority is the economy and jobs as we return to balanced budgets in the medium term,” he said. “Our plan is working, freeing up taxpayer dollars that would otherwise be spent servicing Canada’s debt, and creating fiscal room to keep taxes low and respond to future challenges.”

He noted that the Government is on track to return to balanced budgets over the medium term.

“Fiscal responsibility is vital to restoring public confidence in the current global economic environment,” said Minister Menzies. “Maintaining fiscal discipline ensures that we can handle shocks when they come along, as demonstrated by the Canadian experience.”

Minister Menzies also noted the important steps taken in Europe, such as economic and fiscal reforms in Italy and Spain, and the recent actions of the European Central Bank to provide liquidity support. “That said, Europe needs to take further action and deliver a credible blueprint to stabilize its economic situation,” he concluded. “Canada’s position is that Europe has the resources it needs and should commit them to overwhelming the problem.”

For further information, media may contact:

Craig Bellefontaine
Office of the Minister of State (Finance)

Jack Aubry
Media Relations
Department of Finance

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