Canadian economic rebound depends on stability in U.S., Europe
Ahead of a meeting of G7 finance ministers in Washington today, Bank of Canada Governor Mark Carney and Finance Minister Jim Flaherty spoke out about the need for the world’s major economies to repair their banking systems. Decisive action, they said, is necessary for the Canadian economy can get back on course. While the U.S. banking system has shouldered much of the blame for the economic recession, Flaherty said European banks, which were “highly leveraged … participated in this too.”