Statement by Minister of Finance on Implementation of G7 Plan of Action

    OTTAWA, Oct. 13 /CNW Telbec/ - The Honourable Jim Flaherty, Minister of
Finance, issued the following statement:

    "I strongly welcome the Plan of Action by G7 countries to stabilize
financial markets and restore the flow of credit, to support global economic
    "I was proud to be part of this historic meeting, which focused on
solutions and implementing a principles-based plan.
    "I applaud the decisive actions taken yesterday by Euro Area leaders,
which will lead to timely, significant and co-ordinated implementation of the
G7 agreement.
    "In Canada we will continue to work in a co-ordinated fashion with our G7
partners and take appropriate actions to support our financial system,
including whatever steps are necessary to ensure that Canada's financial
system is not put at a competitive disadvantage.
    "In Canada we are very fortunate that our financial system is strong.
This is a competitive advantage that we will protect.
    "We will never allow our financial system, which has been ranked as the
soundest in the world, to be put at risk by global events.
    "Last week, the Government responded to the continuing disruption on
global credit markets that originated in other countries by announcing plans
to purchase up to $25 billion in insured mortgage pools to help financial
institutions raise longer term funds and make them available to consumers,
homebuyers and businesses in Canada.
    "Similarly, the Government stands ready to take appropriate action to
avoid unintended consequences from policy measures by other countries that
would put wholesale borrowing in Canada at a competitive disadvantage.
    "Government actions will continue to be fiscally responsible and protect

For further information:

For further information: media may contact: Office of the Minister of
Finance, (613) 996-7861; David Gamble, Media Relations, Department of Finance,
(613) 996-8080; To receive e-mail notification of all news releases, please
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