(July 7 – 11:10 ET) – The Canadian financial sector shows excellent international compliance record. the “Canada has a highly developed, well diversified, and sound financial system which plays an important role in the economy,” the IMF concludes in Report on the Observance of Standards and Codes.
The IMF assessment of the Canadian financial sector’s observance of international standards and core principles is based on review of the Canadian areas such 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,” says Finance Minister Paul Martin.
Each G-20 finance minister and central bank governor has agreed to undergo both an ROSC 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 says.