Canada says global banking body needed in 2009

Reuters
February 4, 2009

• A d v e r t i s e m e n t
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Canada’s position at the upcoming meeting of Group of Seven finance ministers will be that each country must get its own financial system in order, but that an international body is also urgently needed to restore confidence, Finance Minister Jim Flaherty said on Wednesday.

Flaherty told Reuters he expected the final communique of the meeting in Rome on Feb 13-14 to reflect policymakers’ concerns about “the inflexibility of some Asian currencies” and suggested that Canada had discussed the subject with the new Obama administration.

“I expect it to be raised. I spoke with U.S. Secretary Geithner yesterday about a number of issues. I won’t get into what issues we discussed of course,” he said.

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