Nations look to Canada for help in banking overhaul
Sunday, 8 March 2009
OTTAWA, Mar 7 (AFP): Several small economies have sought help from stalwart Canada in fixing their regulatory frameworks to avoid another financial crisis, Finance Minister Jim Flaherty said yesterday.
"Some of the smaller economies have asked for Canada's help with respect to their regulatory systems," Flaherty told reporters.
"There's certainly been lots of inquiries," he said. "There have been requests for documentation, summaries about how we do things in Canada. There have been lots of discussions about that."
Canada's economy has slowed alongside its trading partners, but it is unique among them in not having to bail out its banks following the collapse of the US subprime mortgage market.
Officials cite Canada's stiffer banking rules that require more secure lending and fewer risks in investments for its success relative to the rest of the industrialized world.
"We're in better shape than the rest of the G7, we're in better shape than most other countries in the world," Flaherty said.
"Some of the smaller economies have asked for Canada's help with respect to their regulatory systems," Flaherty told reporters.
"There's certainly been lots of inquiries," he said. "There have been requests for documentation, summaries about how we do things in Canada. There have been lots of discussions about that."
Canada's economy has slowed alongside its trading partners, but it is unique among them in not having to bail out its banks following the collapse of the US subprime mortgage market.
Officials cite Canada's stiffer banking rules that require more secure lending and fewer risks in investments for its success relative to the rest of the industrialized world.
"We're in better shape than the rest of the G7, we're in better shape than most other countries in the world," Flaherty said.