STATEMENT BY THE PRIME MINISTER OF CANADA
Prime
Minister Stephen Harper made the following remarks on the closing of the
G-20 Summit:
“Greetings
once again. We arrived here
amid growing concerns over the growth of sovereign debt. As we strive to
build strong, sustainable and balanced economies, that is the issue we
have had to tackle head-on, and we have arrived at firm targets for
advanced economies on debt reduction and reducing debt-GDP ratios.
The targets are a 50 per cent deficit reduction by 2013 and a
debt-to-GDP ratio that should be at least stabilized or on a downward
trend by 2016. Now, that
said, all leaders recognized that fiscal consolidation is not an end in
itself. There will be a
continued role for ongoing stimulus in the short term as we develop the
framework for strong, sustainable and balanced growth.
“In terms
of the framework, we want to applaud a number of recent actions that are
important downpayments on that framework, if I can use that term.
First of all, the budget of the United Kingdom, which strongly
tackled the British deficit, Chinese flexibility on exchange rates and the
new U.S. law on financial sector reform.
The G-20 Summit declaration that puts some of the meat on the bones
of the framework of strong, sustainable and balanced growth will lead us
to country level assessments as we approach the next meeting in Seoul.
“It’s
also important to note agreement on ongoing and important financial sector
reforms, specifically to increase the quality and quantity of capital
standards, to enhance prudent and regulatory oversight and a commitment,
most importantly, to accelerate this work and complete it by the summit in
South Korea. I should note as
well the issue of bank levies has been left to individual countries.
There are important agreements on a number of other matters.
I’ll just mention a couple:
continued
progress on anti-protectionism, we’ve agreed to extend the Washington
standstill for another three years, and debt relief for the country of
Haiti, which as you know, is an important priority for Canada.
There is also some important work that’s been completed, I should
mention as well, on reform of international institutions.
That work will also continue as we move forward.
The G-20 still has a lot to do to fully entrench recovery.
The G-20 still has a lot to do to fully entrench the global
recovery, but these are important steps forward, and as you know, they
were steps that Canada has been seeking.”
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