Flaherty Says He Wants G-20 to Push Europe on Bank Reform

Oct. 30 (Bloomberg) -- Group of 20 officials meeting in Mexico City this weekend should push European leaders to make structural reforms, according to Canadian Finance Minister Jim Flaherty.

The G-20 should hold discussions to “encourage our European colleagues to get on with the structural reform that needs to be accomplished in Europe, including the banking union,” Flaherty told reporters today in Ottawa.

G-20 officials should also urge U.S. lawmakers to address the so-called fiscal cliff of $607 billion in federal spending cuts and tax increases scheduled to take effect in January unless Congress acts, Flaherty said. The finance minister was speaking today to reporters in Ottawa.

“We want to certainly encourage our American friends to get on the issue of the fiscal cliff as soon as possible after the U.S. election,” he said.

To contact the reporter on this story: Theophilos Argitis in Ottawa at targitis@bloomberg.net

To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net