Finance Minister Jim Flaherty says the turmoil resulting from the global credit crunch is “less pronounced” in Canada than in the United States or Europe and the Canadian financial sector continues to be “solid.”

The finance minister made the comments to reporters after meeting with representatives of Canada’s banking today in Toronto.

Flaherty said all of them agreed that Canada cannot take for granted the advantages it has had so far.

He said he expects the Bank of Canada to play a leadership role in some areas.

He also said the Canadian banks will establish and adopt leading practices for disclosure within 100 days

Flaherty said he would meet with the banks again “before the summer” to review the progress.