Bloomberg News

Flaherty Says Canada Has Limited Exposure to European Banks

September 24, 2011

Sept. 24 (Bloomberg) -- Canada would be able to handle a shock eminating from Europe as it has limited “exposure” to that region’s banks, Finance Minister Jim Flaherty said.

Speaking in an interview with the CTV Television Network, Flaherty said there is no evidence that the country’s economy is in recession and it remains in “relatively” good shape.

Flaherty also told CTV that European policy makers must use ‘overwhelming’ fiscal force to contain its sovereign debt crisis. In a subsequent interview with CBC Television, Flaherty said Canada is encouraging Europe to act quickly in this regard.

Flaherty told CBC the country has the flexibility to respond to an economic shock. He also said the Canadian dollar, which fell the most since 2008 last week against the U.S. dollar, was being affected by investors buying assets perceived to be the safest.

To contact the reporter on this story: Kevin Bell in Toronto at kbell2@bloomberg.net

To contact the editor responsible for this story: Paul Badertscher at pbadertscher@bloomberg.net


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