PM was speaking in Perth, Australia on Thursday where he said: “Principles, we believe, of universal application — yet sadly, in today’s troubled world, still not of universal acceptance.”
Harper also said the recently announced European measures were “steps in the right direction.”
He added: “What we have been waiting for is something big enough in scale and decisive enough in terms of sacrifice that markets will be convinced the problem is being tackled and the pain is being accepted. Only then will fears subside and confidence be restored.”
Harper said the G-20 countries need to take additional steps in order to ensure economic recovery – including the introduction of plans focusing on reducing deficits over the “medium-term,” implement financial market reforms, encourage free trade, and resolve global imbalances such as China’s large trade surpluses.
Harper said: “It will not be indefinitely sustainable for an economy as large as China to run large surpluses with inflexible exchange rates. The resulting deficits elsewhere lead to suboptimal policies and, if left unresolved, will eventually and inevitably lead to bad policies like protectionism.”
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