September 23, 2008 / 1:30 AM / 9 years ago

Canada's Flaherty: U.S. plan should bring stability

OTTAWA (Reuters) - The Canadian government does not need to take steps to help “well capitalized” Canadian financial institutions, but it supports the U.S. measures to shore up the U.S. financial system, Finance Minister Jim Flaherty said on Monday.

<p>Canada's Finance Minister Jim Flaherty listens to a question while speaking to journalists in the foyer of the House of Commons on Parliament Hill in Ottawa June 5, 2008. REUTERS/Chris Wattie</p>

“I think Secretary Paulson’s plan gets to the root of the problem in the United States and so it should help stabilize their situation, which in turn will reassure global markets more generally,” Flaherty told a news conference.

Group of Seven members have talked about individual and collective action to ensure international financial stability, Flaherty said. Central banks, including Canada‘s, have acted to help provide additional liquidity, he noted.

Reporting by Louise Egan, writing by Lynne Olver; Editing by Peter Galloway

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