Flaherty Says Canada Ready to Respond If Crisis Hampers Jobs

Canadian Finance Minister Jim Flaherty said his government is ready to take additional steps if needed to offset any worsening of the global outlook that undermines the country’s labor market.

“Canada stands ready to respond again in a flexible and pragmatic manner if the economic challenges from beyond our shores begin to threaten jobs and the economy here,” Flaherty said in speech today in Ottawa, according to a press release on the finance department’s website.

European leaders must act decisively to resolve a debt crisis that has become “very costly” and is threatening global growth, Flaherty said in the speech. He said he may be in contact with his European peers this week to discuss the issue.

Flaherty also said the most important contribution government can make to bolster confidence and growth is to maintain a sound fiscal position. He said next year’s fiscal plan won’t have any big new spending measures, though he may reallocate some funds toward priorities.

To contact the reporter on this story: Andrew Mayeda in Ottawa at amayeda@bloomberg.net

To contact the editor responsible for this story: Theophilos Argitis at targitis@bloomberg.net

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