In 2009, the G-20 identified the important task of reducing the likelihood of future financial crises and limiting their spillovers across borders. The Financial Stability Board (FSB) was set up to coordinate this work.1 Today, I am going to talk about the FSB, especially its coordinating role for Canada and the global economy.
Unilateralism and protectionism will in fact only exacerbate domestic imbalances and undermine the necessary structural adjustments, which will not only have a negative impact on the countries concerned, but also weigh on global growth. At the current juncture, multilateral mechanisms are particularly needed to play an active role in promoting global growth and safeguarding financial stability.