June 14, 2012 / 6:10 PM / 6 years ago

Canada's Flaherty: G20 must keep pressure on euro zone

OTTAWA (Reuters) - The United States and other non-European members of the Group of 20 leading economies should keep up pressure on Europe to deal with its debt crisis, Canadian Finance Minister Jim Flaherty said on Thursday.

“It is important that we and the United States as well, and the other non-European G20 countries continue to exert pressure on the euro-zone countries to deal with this matter because it can have unfortunate consequences for the global economy,” he told reporters ahead of the June 18-19 G20 summit in Mexico.

Flaherty declined to join a specific call made by the United States, France, Italy and Spain for a Europe-wide system to guarantee bank deposits, something German Chancellor Angela Merkel has rejected.

“The pressure that we have exerted, and it’s been for some months now, has been to encourage the European countries to step up to the plate with very substantial resources to overwhelm the crisis,” he said. “There are various ways that that can be done, and it’s not for us to be prescriptive, to tell the Europeans how to accomplish the goal.”

Canada has opposed giving money to the International Monetary Fund to bail Europe out, saying the euro zone had some of the wealthiest countries in the world, but Flaherty said he did see a traditional role for the IMF in assisting in the implementation and monitoring of fiscal plans.

Reporting by Randall Palmer; Editing by Peter Galloway

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