On the eve of the G-20 leaders’ summit, Canadian Prime Minister Stephen Harper announced Canada's four priorities for "a focused agenda that addresses the serious state of the global economy.” Specifically, Prime Minister Harper recommended that G-20 leaders address the following matters:
- Fixing the financial system to get credit flowing, including taking action on impaired assets and ensuring sufficient capitalization of financial institutions;
- Implementing coordinated stimulus activity in an effective and expedited manner;
- Avoiding protectionism and strengthening trade and investment flows, including concrete steps to further open-up global trade; and
- Strengthening financial market regulation through sound domestic regulation complemented by international coordination and monitoring.
Prime Minister Harper and Finance Minister Jim Flaherty also announced new measures to strengthen the international financial system, including boosting Canada’s contribution to the International Monetary Fund by US$10 billion and providing US$200 million to the International Finance Corporation’s Global Trade Liquidity Program.