(July 7 – 12:00 ET) – The International Monetary Fund has delivered a report that finds a high degree of compliance with international standards in the Canadian financial sector.
“Canada has a highly developed, well diversified, and sound financial system which plays an important role in the economy,” concluded the Report on the Observance of Standards and Codes. The report assesses the Canadian financial sector’s observance of international standards and core principles based on an earlier IMF review of Canada’s compliance in such areas as financial sector regulation and supervision, and financial and monetary transparency.
“This report demonstrates Canada’s excellent record of compliance with internationally agreed standards and its leadership in promoting wider implementation of these standards around the world,” said Finance Minister Paul Martin.
Each G-20 finance minister and central bank governor has agreed to undergo both a observance review and a Financial Sector Stability Assessment as part of the founding of the G-20 last year.
“Compliance with these standards and codes greatly reduces a country’s vulnerability to financial crises, which is an important step in ensuring that globalization works for all,” Martin said.
-IE Staff