Harper hails G20 agreement

LONDON — G20 leaders pledged an additional US$1 trillion Thursday to restore credit, growth and jobs around the world, an agreement Prime Minister Stephen Harper hailed as an “unprecedented” consensus plan that will buoy confidence in the global economy.

Prime Minister Stephen Harper shakes hands with Minister of Finance Jim Flaherty following his news conference at the close of the London G20 Summit in London

LONDON — G20 leaders pledged an additional US$1 trillion Thursday to restore credit, growth and jobs around the world, an agreement Prime Minister Stephen Harper hailed as an “unprecedented” consensus plan that will buoy confidence in the global economy.

The agreement, which includes a crackdown on tax havens, regulation of hedge funds and a new supervisory body to flag problems in the world financial system, is “very complete” and “very strong,” Harper said during his closing news conference.

“This really is unprecedented, co-ordinated and fast action by the international community to an economic crisis, frankly at a speed and a level of engagement we have never seen in the past,” Harper said.

“This is quite a significant achievement, and I do believe markets should take considerable comfort from this action. Obviously we’re not out of the woods, but there is a very strong will on the part of all major nations to act on this and to co-ordinate those actions.”

Canada’s specific contributions include another US$10 billion for emergency International Monetary Fund assistance, and is putting $200 million into the trade fund.

Harper said that while the global recession is deeper than it was in November, there’s still a lot of stability in the system and that an economic recovery is inevitable — the only question remains just when it will materialize.

During his own news conference, British Prime Minister Gordon Brown called the agreement the “day the world came together to fight back against the recession.”

“Today the largest countries of the world have agreed on a global plan for economic recovery and reform,” said Brown, who served as host of the summit.

Brown said credit agencies will be regulated to end conflicts of interest, tax havens will be forced to disclose their banking details and a new Financial Stability Board will be created to provide an “early warning mechanism that the global economy needs.”

Finance Minister Jim Flaherty said in a statement that ensuring “the international flow of capital and strengthening international trade are critical to bringing the world out of a global economic crisis.”

Just Posted

Central Alberta Yogathon cancelled Saturday

Due to air quality concerns the fourth annual event will take place Sept. 15

City Hall Park construction begins next week

Construction to update Red Deer’s City Hall Park is set to begin… Continue reading

PHOTOS: Jazz at the Lake begins

The 16 annual event began Friday and runs until Sunday in Sylvan Lake

Photos: Lunchtime tunes on Alexander Way

Final concert of the summer

Clearwater regional firefighters in B.C.

Crew operating west of Prince George

WATCH: Feasting at Red Deer Ribfest this weekend

Ribfest runs until Sunday at Rotary Recreation Park

Canadians react to death of former UN secretary-general Kofi Annan at age 80

MONTREAL — Canadian politicians are adding their voices to the international reaction… Continue reading

Thousands to attend funeral service for officers killed in Fredericton shooting

FREDERICTON — Hundreds of people have lined the route of a funeral… Continue reading

Street Tales: Life is filled with unlearned lessons

There are days that I almost believe evolutionists in that we are… Continue reading

Canadians believe in immigration but concerned about asylum seekers: study

OTTAWA — Canadians are generally supportive of current immigration levels, a survey… Continue reading

Quebec announces plan to compensate taxi drivers after Uber’s arrival

MONTREAL — The Quebec government has outlined how it intends to compensate… Continue reading

Hospitals to see ‘delays’ in care after losing Saudi students, health group says

OTTAWA — The loss of Saudi Arabian resident physicians in Canada’s hospitals… Continue reading

PHOTOS: B.C. city wakes up to darkness under wildfire smoke

The rest of the province also dealing with thick haze as smoky skies continue

Death Valley worker has seen highest, lowest temperatures

LAS VEGAS — Thousands of tourists descend on Death Valley each summer… Continue reading

Most Read


Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month