Canada says national regulation alone not enough

Sun Oct 19, 2008 3:48pm EDT
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QUEBEC CITY (Reuters) - The world must continue to take immediate steps to stabilize markets and prevent the collapse of banking systems but must also address the long-term need for more effective international financial institutions, Canadian Prime Minister Stephen Harper said on Sunday.

"I do not believe that national regulation alone is sufficient," he told a news conference at the end of a summit of French-speaking nations, at which he also warned against the dangers of erecting trade barriers.

French Prime Minister Francois Fillon told reporters it was also important to target offshore financial centers which currently escape all regulation.

(Reporting by Randall Palmer; editing by Todd Eastham)

<p>Canada's Prime Minister Stephen Harper walks down the hall on his way to a meeting at the Francophonie Summit in Quebec City, October 19, 2008. The biennial summit of the 55-member countries with large French-speaking populations runs from October 17-19. REUTERS/Christinne Muschi</p>