Reforming Global Finance

The first order of business must be to put the international financial system on a sounder footing. Just as these troubles began beyond our borders, so will their solution demand that Canada engage its partners and allies around the world.

Canada will use its experience in developing a strong model of financial regulation to help lead the world in the repair and strengthening of the international financial system. The Prime Minister and Minister of Finance began this important work on November 15th, joining the leaders of the G20 in Washington, D.C., to re-examine and renew the rules and institutions that underpin the global financial system.

The financial sector exists to serve the economy. Without sound financial institutions, loans would not be available for home ownership. Businesses would be cut off from the credit needed to expand and hire new workers. By choking off financing to the global economy, the credit crisis has dramatically weakened the prospects of growth. Canada will play a leading role to help resolve the crisis, maintain free and open markets, and advance Canada’s interests.

The credit crisis has also underlined the dangers of a fragmented financial regulatory system. To further strengthen financial oversight in Canada, our Government will work with the provinces to put in place a common securities regulator.

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