November 7, 2008 / 5:43 PM / in 9 years

Don't expect too much from G20 summit: Canada

OTTAWA (Reuters) - Next week’s international summit in Washington is unlikely to come up with grand new solutions to the global financial crisis, a senior aide to Canadian Prime Minister Stephen Harper said on Friday.

The Group of 20 industrialized and developing nations is due to meet in Washington on November 14 and 15 for talks on the turmoil and to discuss possible solutions.

“One should have modest expectations as to what outcomes will come out of this,” the aide, speaking on condition of anonymity, told reporters.

“Hopefully there will be agreement in a number of areas, but I think we should all keep expectations a little modest.”

He said Canada had succeeded in avoiding the worst effects of the financial crisis because it had not gone as far in deregulating as others, but he said the solution was not to go overboard in the other direction.

“We didn’t swing with the pendulum to the side of complete deregulation, but I‘m not sure there’s strong evidence that going extreme in the other direction is also warranted,” he said.

Harper has had conversations with many of the G20 leaders in preparation for the meetings, and also talked to U.S. President-elect Barack Obama late on Thursday.

Reporting by Randall Palmer; editing by Rob Wilson

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