Statement by the Prime Minister of Canada at the G-20 Summit in Cannes

Ottawa, Ontario
4 November 2011

Prime Minister Stephen Harper today made the following remarks at the G-20 Summit in Cannes, France:

“Over the past two days, G-20 leaders held frank and useful discussions. Obviously, the crisis of the Eurozone has dominated proceedings. 

“Our European friends secured an agreement on October 27 that is the basis of a solution. Pressure has been applied to move it forward, particularly in the case of Greece, and we note positive developments in this regard over the past couple of days. Let me be clear: moving the European plan forward remains critical to restoring confidence and growth in the global economy.

“Meanwhile, I am pleased to confirm that G-20 partners have endorsed the Cannes Action Plan for Jobs and Growth. Led by Canada, and co-chaired by India, the plan is a wide-ranging blueprint for building the foundations of renewed world-wide growth.

“Among its macroeconomic policy provisions are a range of country-specific commitments: renewed commitment to fiscal consolidation targets, as determined at the Toronto G-20 summit; accelerated movement to market-driven exchange rates; and appropriate regulation of the financial sector, based on Canada’s record.

“The G-20 also reaffirmed its opposition to protectionism, and reached important understandings on remedying structural imbalances. Canada welcomes these positive steps, but of course, implementation will be the key.

“Finally, I should like to congratulate Bank of Canada Governor Mark Carney, on his appointment as President of the Financial Stability Board. The FSB was established in 2009 to strengthen financial systems, and promote the stability of international financial markets.

“It is the first time a Canadian has headed an international financial institution of such wide scope. His appointment is both a tribute to his personal qualities, and a reflection on Canada’s superior performance in monetary, fiscal and financial sector policy areas.

“Let me conclude by thanking President Sarkozy and our French hosts for their hospitality. We look forward to working with our partners during the Mexican presidency.”

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