Stephen Harper is warning that some countries are in danger of imposing excessive and arbitrary restrictions on their banking sectors, in a speech which argues that the nations of the world must take on shared responsibility for the world but do it by addressing their own policies at home.
One day after French President Nicolas Sarkozy called not only for tighter financial reforms co-ordinated around the world, but for global bodies to have a more interventionist role in co-ordinating issues ranging from the environment to labour standards, Mr. Harper took a very different tack in a speech to the World Economic Forum in Davos, Switzerland.
He argued it is a time for all nations to change their own policies for the global good, from regulating banks to reducing trade restrictions to improving the health of children – calling it “enlightened sovereignty.”
But a week after U.S. President Barack Obama called for restrictions on the trading activities of banks there, Mr. Harper warned safeguards need to be improved without interventionist micro-management.
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What else does anybody expect out of the mouth of somebody like Nicolas Sarkozy? Global smobal…..a typical leader of a yet another failing European nation in turmoil advocating for a world government for their own salvation. Sod off and swim or sink on your own Sarkozy and don’t expect anybody else, especially North America, to volunteer to go down with your dying socialist ship. PMSH has already spoken for Canada and even though Obama might be wearing a shirt that says ‘life guard’ on it he has proven over the past year that he can’t even swim.
BTDT , I think Obama wears a Che under shirt.
But those are 2 very good points by PMSH, especially when compared to what is happening in the USA with Obama’s blame game attack on the banks having sent the markets into decline over the last few days. How can you free up credit by attacking lenders?
As PMSH politely alludes to, the reason the US got into a financial mess was excessive government intervention and Canada avoided that. Political overseers like Barney Frank was up to Freddy’s Fannie in it or whatever. Now these same characters that caused the mess are going to intervene some more. Compare that with what PMSH is saying in Davos:
He vowed that Canada would oppose attempts to superimpose a new global regulator to supervise banks and other financial institutions.
“Canada will not go down the path of excessive, arbitrary or punitive regulation of its financial sector,” Mr. Harper said to mild applause of the crowd of bankers, political leaders, chief executives and others here.
On trade PMSH nails it again with the best aid we can give the third world is a loosening of protectionist walls.
These 2 points are just common sense, which unfortunately isn’t common.
It’s notable that the Davos speech was the direct polar opposite of the SOFU speech in terms of banking regulation recommendations. N. America sending mixed signals within a day of each other.
The Prime Minister, once again, makes Canadians look good abroad and feel proud at home.