Canada`s Economic Leadership

July 05, 2010

I was pleased to see the economic leadership the Prime Minister demonstrated at the G-8 and G-20 Summits this month.  Our Government was instrumental in convincing the Summit nations to agree to follow through on fiscal stimulus, while looking ahead to halve deficits by 2013 and stabilize debt- to- GDP ratios by 2016.
 
Both the G-8 and G-20 Summits were extremely successful. Our Government focused on development, peace and of course, global security. Prime Minister Stephen Harper used Canada’s position as chair of the G8 to launch the Maternal Child Health (MCH) Initiative, designed to improve maternal, newborn and child health in developing nations. Canada, along with its G8 Partners, have committed to contribute $7 billion to the MCH initiative. Canada will invest $1.1 billion in new money for the MCH initiative. In total, including existing funds, Canada will spend almost $3 billion ($2.85b) over the next five years.
During the G-20 Summit, members agreed that emerging market members will strengthen social safety nets, enhance corporate governance reform, deepen financial markets, raise infrastructure spending and increase exchange rate flexibility; and that all members will pursue structural reforms to increase our individual and collective growth prospects. G-8 Members also extended the standstill agreement to resist protectionism for an additional three years, and will continue our efforts in support of a conclusion to the WTO Doha Round of negotiations.
 
I was very disappointed to see anarchists resorting to violence by smashing windows and torching police cruisers during the G-20 Summit in Toronto. I believe free speech is a principle of our democracy and the violent acts by these thugs undermined the Canadian way of life and the credibility of the peaceful protests that were ongoing.
 
Despite the progress made at these summits I believe the global recovery remains fragile. Just as external factors brought the global recession to Canada`s shores, the debt crisis in Europe demonstrates that Canada is not an island, and that economic circumstances elsewhere can impact our economy. That is why the economy remains our Conservative Government`s number one priority as we implement Year 2 of Canada`s Economic Action Plan, a plan that has created almost 310,000 jobs since last July.