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LECCE, Italy -- Finance Minister Jim Flaherty said Saturday there are "glimmers of hope" for global economic recovery and that G8 countries should now be poised and ready with "exit strategies" when the current crisis abates.
"No one is under any illusions that all of our problems are behind us," Flaherty said at a meeting of G8 finance ministers in Italy.
"Yet in our discussions of the global economy there are signs that the massive fiscal and monetary stimulus measures adopted around the world are beginning to have an impact," Flaherty told reporters at the meeting where the ministers are working to establish an agreement on common principles and standards for the conduct of international business and finance, and reaffirmed their commitment to refrain from protectionist policies.
Canada "is leading by example" in delivering one of the largest stimulus packages of the G8 economies "in record time," the minister told reporters.
"Eighty per cent of the measures are either flowing or there are commitments in place to allow the funds to flow to specific initiatives."
But he added, "the challenge now is to ensure that all governments implement their stimulus packages as quickly and effectively as possible."
Flaherty said the International Monetary Fund expects Canada`s fiscal position will remain the strongest in the G8 this year, a reflection of its smallest deficit and lowest debt burden.
The finance minister said the time is ripe for discussions on "exit strategies so that the G8 countries are ready when recovery is assured. We began the conversation on exit strategies at these G8 meetings and they will continue at subsequent meetings."
A statement by the G8 ministers noted that: "even after output growth begins picking up, unemployment may continue to increase. Our countries will continue to implement actions to reduce the impact of the crisis on employment and maximize the potential for growth in jobs in the period of economic recovery."
While the the rise in stock prices and the decline in some key lending rates also offer glimmers of hope, Flaherty said: "there will be no sustainable economic recovery until we have fixed the banks, provided them with the capital and access to funding required to support lending."
Read the full article here.
"No one is under any illusions that all of our problems are behind us," Flaherty said at a meeting of G8 finance ministers in Italy.
"Yet in our discussions of the global economy there are signs that the massive fiscal and monetary stimulus measures adopted around the world are beginning to have an impact," Flaherty told reporters at the meeting where the ministers are working to establish an agreement on common principles and standards for the conduct of international business and finance, and reaffirmed their commitment to refrain from protectionist policies.
Canada "is leading by example" in delivering one of the largest stimulus packages of the G8 economies "in record time," the minister told reporters.
"Eighty per cent of the measures are either flowing or there are commitments in place to allow the funds to flow to specific initiatives."
But he added, "the challenge now is to ensure that all governments implement their stimulus packages as quickly and effectively as possible."
Flaherty said the International Monetary Fund expects Canada`s fiscal position will remain the strongest in the G8 this year, a reflection of its smallest deficit and lowest debt burden.
The finance minister said the time is ripe for discussions on "exit strategies so that the G8 countries are ready when recovery is assured. We began the conversation on exit strategies at these G8 meetings and they will continue at subsequent meetings."
A statement by the G8 ministers noted that: "even after output growth begins picking up, unemployment may continue to increase. Our countries will continue to implement actions to reduce the impact of the crisis on employment and maximize the potential for growth in jobs in the period of economic recovery."
While the the rise in stock prices and the decline in some key lending rates also offer glimmers of hope, Flaherty said: "there will be no sustainable economic recovery until we have fixed the banks, provided them with the capital and access to funding required to support lending."
Read the full article here.