01
Nov
08

Canada Rejects Global Financial Overhaul?

Bloomberg Saturday, Nov 1, 2008

Canadian Finance Minister Jim Flaherty warned that the world’s largest economies shouldn’t re-engineer the global financial system, and said the Group of Seven nations hasn’t considered intervening in currency markets.

Flaherty, in an interview with Bloomberg Television yesterday in New York, said the best approach is for the G-7 governments to focus first on shoring up their own regulatory frameworks.

“We don’t need to recreate the world right now,” Flaherty said. “What people expect of us, quite frankly, in our countries is to get our own houses in order.”

The U.S. will host a global economic summit of 20 world leaders in Washington beginning Nov. 14. The agenda will include discussion of the causes of the financial crisis and a review of progress in addressing them.

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