World financial system improving: Canada
Co-ordinated global action has helped eliminate panic in financial markets, Canadian Prime Minister Stephen Harper said on Wednesday, but he cautioned that the world has not yet turned the corner on the economic crisis.
By Agencies |
LONDON: Co-ordinated global action has helped eliminate panic in financial markets, Canadian Prime Minister Stephen Harper said on Wednesday, but he cautioned that the world has not yet turned the corner on the economic crisis.
Speaking on the eve of the summit of Group of 20 economic powers in London, Harper said there had been improvements in the economic situation since the last G20 summit in Washington in November.
"At that point we were dealing with a panic in the international financial system. There have been important stabilization actions around the world," he said in an interview with CBC radio.
"They haven't turned the corner yet on the global financial crisis but it's much better than it was in November, when things were still rapidly falling apart. So there's been some progress there."
Harper saw a good chance for strong agreement on a report on tightening financial regulation, which was produced by a working group co-chaired by Canada and India.
"That is a major step forward. G20 finance ministers and central bankers have been certainly not perfect at co-ordinating macroeconomic action ... but the co-ordination is nevertheless better than it's ever been in the past," he said.
Speaking on the eve of the summit of Group of 20 economic powers in London, Harper said there had been improvements in the economic situation since the last G20 summit in Washington in November.
"At that point we were dealing with a panic in the international financial system. There have been important stabilization actions around the world," he said in an interview with CBC radio.
"They haven't turned the corner yet on the global financial crisis but it's much better than it was in November, when things were still rapidly falling apart. So there's been some progress there."
Harper saw a good chance for strong agreement on a report on tightening financial regulation, which was produced by a working group co-chaired by Canada and India.
"That is a major step forward. G20 finance ministers and central bankers have been certainly not perfect at co-ordinating macroeconomic action ... but the co-ordination is nevertheless better than it's ever been in the past," he said.
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