Canada's economy envy of world

iVillage Member
Registered: 03-23-2003
Canada's economy envy of world
Mon, 06-21-2010 - 12:35pm

Sunday, June 20, 2010 - Page updated at 10:16 PM

Paul Martin, credited with killing '90s deficit

Stephen Harper, Conservative premier

The Toronto summit

The G20, short for Group of 20, was established in 1999 in the wake of the 1997 Asian financial crisis so that leaders from economically significant countries meet regularly to discuss key issues in the global economy. The G20 is an expanded version of the Group of Eight leading industrialized nations. The theme for the G20 Toronto Summit, taking place next weekend is "Recovery and New Beginnings."

Seattle Times research

Canada's economy envy of world


The Associated Press

TORONTO — Canada believes it can teach the world a thing or two about dodging financial meltdowns.

The 20 world leaders at an economic summit in Toronto next weekend will find themselves in a country that has avoided a banking crisis, and where the economy grew at a 6.1 percent annual rate in the first three months of this year. The housing market is hot, and three-quarters of the 400,000 jobs lost in the recession have been recovered.

World leaders have noticed: President Obama says the United States should take note of Canada's banking system, and Britain's Treasury chief is looking to emulate the Ottawa way on cutting deficits.

The land of a thousand stereotypes — from Mounties and hockey to language wars and lousy weather — is feeling entitled to do a bit of crowing as it hosts the G-20 summit of wealthy and developing nations.

"We should be proud of the performance of our financial system during the crisis," Finance Minister Jim Flaherty said.

He recalled visiting China in 2007 and hearing suggestions "that the Canadian banks were perhaps boring and too risk-adverse. And when I was there two weeks ago some of my same counterparts were saying to me, 'You have a very solid, stable banking system in Canada,' and emphasizing that. There wasn't anything about being sufficiently risk-oriented."

The banks are stable because, in part, they're more regulated. As the United States and Europe loosened financial regulations over the past 15 years, Canada refused to do so. The banks also aren't as leveraged as their U.S. or European peers.

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iVillage Member
Registered: 04-12-2010
Tue, 06-22-2010 - 10:51am
And just imagine...they have universal healthcare, too.
iVillage Member
Registered: 03-23-2003
Tue, 06-22-2010 - 12:14pm

Ah....but wouldn't that mean....{gasp!}...shades of...dare I say it???....'socialism'????

iVillage Member
Registered: 03-18-2000
Wed, 06-23-2010 - 8:32am

A stable banking system? Well isn't that a concept?



iVillage Member
Registered: 04-12-2010
Thu, 06-24-2010 - 1:51pm
You just said the "S" word.
iVillage Member
Registered: 03-23-2003
Sat, 06-26-2010 - 1:40pm

And no Anti-American comments....

iVillage Member
Registered: 04-13-2010
Sat, 06-26-2010 - 2:57pm

The "S" word was uttered and it wasn't contradicted! imagine that! What a shocker! =)