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PM and G-20 leaders call for strong action at the Cannes Summit
In the letter, leaders recognized that the effects of the international financial crisis are still being felt around the world and that global economic activity has recently weakened, becoming more uneven and uncertain. Debt levels in the Eurozone are identified in the letter as a significant threat to the global economy.
“While Canada’s economic fundamentals remain sound, the risks to the global economy remain serious,” said Prime Minister Harper. “It is crucial for governments to work together in a coordinated effort to restore growth and confidence, and to create jobs. Both advanced and emerging economies have important roles to play.”
Canada has a strong record of economic leadership on the world stage. As Chair of the G-20 at the Toronto Summit, Canada generated a consensus among leaders on credible and growth-friendly plans to deliver fiscal sustainability, and established firm targets to reduce national deficits by 50 percent by 2013 and reduce debt loads by 2016. Progress was also made on reforming the financial sector and strengthening international financial institutions, which remains an essential element in restoring global economic growth.
“At the height of the global financial crisis, the G-20 showed the international community that leaders could work together to deal with global instability,” added the Prime Minister. “In Cannes, we must once again send a clear signal to the world that we are ready to take the strong actions necessary to maintain future growth and stability for all.”
