Crisis of 2008 underscores the special role of the global financial system
Flaherty concerned that momentum for reform is waning
New tax on big banks could raise up to US$117 billion
Financial Stability Board to implement peer reviews to evaluate adherence to international standards
Countries will find themselves under pressure to announce credible fiscal plans
Although the financial system has survived intact, consequences may be severe
Government has committed to 97% of this year’s stimulus spending
Use non-mortgage loan portfolios as collateral to be reduced 80% in February
Canada’a system can always be improved, but is not broken
White outlines three regulatory initiatives under way