Flaherty Meets All Provincial Finance Ministers

The Canadian economy has become completely uncertain and unpredictable, effecting the development of numerous key reforms like taking care of government deficits to heftier pension payments, which seems even more difficult to complete now. A recent meeting of all Finance ministers across the country led to some fact sharing about the difficulties faced in the growth with their federal counterparts. It was agreed that any possible lead to eradicate these difficulties are let down by uncontrollable economic problems.

Jim Flaherty, the Federal Finance Minister, hosted the meeting with his provincial and territorial counterparts on Monday, when everyone unanimously agreed that crucial reforms are facing financial constraints, which evidently influences the even bigger pressure coming from outside of Canada. Mr. Flaherty informed the press after the meeting, which took place on Sunday and Monday, at Meech Lake, a resort area near Ottawa, saying that they “took stock of the evolving economic situation in Canada and internationally, sovereign debt issues, the fiscal cliff in the United States, and planning for longer-term economic growth in Canada.” He added that “we also reaffirmed our commitment to balanced budgets in the medium term and to sound fiscal and financial policies.”

Flaherty asserted that budgets balancing “is fundamentally important” issue for Canada, hence all federal and provincial governments are set to get out “in the medium term.” He added “which, in fact, is what the United States needs to do. They need to move to balanced budgets in the medium term.” The meeting was not expected to fix anything, especially in the wake of ongoing debt and banking crises in Europe, and the double threat posed by the U.S. “fiscal cliff.”

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