Montebello, Quebec, September 20, 2013
2013-123
The Honourable Jim Flaherty, Minister of Finance, today reaffirmed Canada’s commitment to continue working with other nations and stakeholders to increase financial sector accountability and strengthen the global economic recovery.
Speaking as chair of a Ditchley Foundation conference on ensuring a responsible financial sector, Minister Flaherty said, “Canada’s financial system is widely considered one of the most resilient and best regulated in the world. For the sixth consecutive year, the World Economic Forum ranked Canada’s banks as the soundest in the world.”
Nevertheless, ensuring confidence in financial institutions in the aftermath of the global financial crisis remains a challenge in some parts of the world. Regulators, practitioners and other experts at the conference will focus on key questions affecting this challenge, including financial sector governance and accountability from an international perspective.
“Canada has established a strong record of leadership in this area,” said the Minister. “We actively support the global financial reform agenda. For example, Canada’s major banks already meet the key capital requirements on Basel III implementation, a full six years ahead of schedule.”
The Minister concluded, “Canada’s world-class financial services sector and strong economic fundamentals have served Canadians and businesses well in weathering the worst of the 2008–2009 global financial and economic crisis and its after-effects. The Harper Government will continue its efforts to promote a stronger financial sector, both at home and internationally.”
