17 June 2010
In order to balance the G-20’s growth, it’s necessary to change the policy adjustments, the Governor said. The main items of the G-20 financial reform include two approaches:
1. to protect the banks from the business cycle
2. to protect the cycle from the banks.
The first one means making individual banks stronger, while the second is focused on strengthening the system as a whole, so that it can withstand the failure of any single financial institution.
In the end, policy-makers must ensure that business can operate in a stable trade environment – without any trade and financial protectionism.
All Canadian businesses must step up productivity – it will provide the balanced recovery. “The main tasks are obvious: new suppliers, new markets, a new approach to managing for a more volatile environment”.
The role of Canada is very important. The Governor said: “Canada cant’ wait aside. We can influence policies and focus reforms. Our businesses can even take advantage of today’s situation. But the efforts should be huge – doubts can cost too much”.