High praise for Flaherty from IMF

Locutus

Locutus

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OTTAWA - Finance Minister Jim Flaherty's dream of a national securities regulator may have been body-slammed by the Supreme Court, but the International Monetary Fund has picked him up off the mat.

In a report released Thursday, the IMF gushes over Canada's handling of global economic mayhem and pays high praise to the country's financial system and its supervision.

"This has resulted in a stable and resilient banking sector, which has resisted the international financial crisis well and remains well prepared to deal with most adverse scenarios," the IMF says.

Kudos were also sent to Bank of Canada governor Mark Carney for his new role overseeing reforms to the international financial system and domestic monetary policies that have kept inflation in check and interest rates low.




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High praise for Flaherty from IMF | Canada | News | Toronto Sun
 
earth_as_one

earth_as_one

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High praise for banking regulations implemented after the 1929 crash, that no one touched much since. We are lucky Harper Conservatives never got a chance to deregulate our banks like the US and Europe.
 
mentalfloss

mentalfloss

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earth_as_one said:
High praise for banking regulations implemented after the 1929 crash, that no one touched much since. We are lucky Harper Conservatives never got a chance to deregulate our banks like the US and Europe.
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Yea, aren't they about free market?

What gives?
 
earth_as_one

earth_as_one

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I'm fairly certain Harper pushed for Bank deregulation while in opposition. He never had a chance to push through reforms with minority governments. Now he's not pushing it at all anymore for some reason...
 
earth_as_one

earth_as_one

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Because our banks are doing their job keeping the economy liquid. Yes they are allowed to make a profit, but no they aren't allowed to assume more than a regulated amount of risk. In comparison, American and US bankers have become compulsive gamblers.
 
mentalfloss

mentalfloss

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Flaherty suggests we send Europe some stimulus.

Maybe we'll get some of that back to help fund ze healthcare.

Canada could pay into IMF Europe fund, Flaherty says

Finance Minister Jim Flaherty says Ottawa would be open to paying into a bailout fund for Europe administered by the International Monetary Fund — as long as it was supported by the other G20 countries.

"There's some sense around the world that if at the end of the day we have to provide some help somehow, that we would not turn a blind eye to it because of the world consequences of the collapse of the eurozone," Flaherty said Thursday on CBC-TV's Power & Politics with Evan Solomon.

"If at the end of the day all of the other G20 countries were going to provide more resources to the IMF, and let the IMF deal with part of the situation in Europe, then I think there would be support for that overall, because of the fear, quite frankly, around the world of a global economic crisis."

Prime Minister Stephen Harper had previously said the federal government was unwilling to use Canadian funds to bail out European countries troubled by the ongoing debt crisis, saying that Europe had sufficient resources to cope while the IMF should be focused on developing countries.

Flaherty also stipulated Thursday that EU countries must "commit most of the resources" to a shore up the eurozone's financial system.

"And they haven't done that yet," he said, despite the fact that the eurozone is "on the brink of a very serious crisis."

G20 leaders met in France last month, where they pledged to rebalance the global economy and boost resources available to the IMF. But they delivered few details on how the group of countries might help resolve the debt crisis.

Italy and Spain have been at the centre of concerns in recent months as their borrowing costs have risen. Those two are considered too big to bail out with the current eurozone bailout funds, in contrast to Greece, Ireland and Portugal, which have all sought outside financial help. Italy, for example, has some 1.9 trillion euros in outstanding debt.

To help steady the eurozone's financial system, the European Central Bank has loaned 489 billion euros to 523 banks over the past three years — the largest infusion of credit to European banks in the 13-year history of the shared euro currency.

The ECB is trying to make sure that banks have enough ready cash so they can keep on lending to businesses. Otherwise, a credit crunch could choke off growth and spread the debt crisis to the wider economy through the banks.

To deal with the crisis, Flaherty said that EU countries "need to build a firewall around the contagious banks."

In addition, he said the IMF should "go in and make sure that those countries that need to balance their budgets [and] get over their huge debt problems are properly supervised, so that the world can be assured that they're actually doing it."

Canada could pay into IMF Europe fund, Flaherty says - Canada - CBC News
 
taxslave

taxslave

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Flaherty may be interested in throwing money at Europe but Canadian taxpayers most certainly are not. The economic basket cases of Europe got themselves into this mess with their goofy socialist policies, now they can undo it themselves.
 
mentalfloss

mentalfloss

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taxslave said:
Flaherty may be interested in throwing money at Europe but Canadian taxpayers most certainly are not. The economic basket cases of Europe got themselves into this mess with their goofy socialist policies, now they can undo it themselves.
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Considering Canadians support equalization payments we must be socialist basket cases ourselves.
 
taxslave

taxslave

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I don't know about the CPC supporters but the people that work and pay taxes are fed up with supporting those that don't because they are lazy. Or paying for have not Quebec to have a subsidized daycare program.
 
earth_as_one

earth_as_one

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Canada should look west to Vancouver, Prince Rupert and Kitimat. We should hitch our wagon to China, Indonesia, India... Europe is responsible for their own problems and we have no obligation to pay for their mistakes. However we should cooperate within limits as guided by our self interest.
 
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