On March 18, 2017 Finance Minister Bill Morneau concluded his participation in the G20 Finance Ministers and Central Bank Governors Meeting in Baden-Baden, Germany, where Ministers discussed issues related to global economy, international taxation, financial sector regulation, the international financial architecture, and anti-money laundering and counter-terrorism financing.
Speaking at the 9th Annual Institute of International Finance G20 Conference in Frankfurt, Germany, Morneau said that Canada tries to create an “inclusive growth” that benefits all as part of Prime Minister Justin Trudeau’s “sunny ways” policy that is based on a positive and generous response. Morneau warned of “anti-globalization, protectionism and even anti-immigration sentiments” urging the the international community to coordinate the global responses to climate change, technology, conflict and migration.
Anti-globalization, protectionism and even anti-immigration sentiments are a symptom of the fact that people… are feeling uncertain about their future. They look at the pace of technological change, and the seemingly never-ending need for new skills, and are understandably stressed about the future. It’s hard to feel confident, and to face every day with optimism, when you can’t see what’s around the corner… And while we have found common ground in this effort to create and promote what we call inclusive growth, there is still more we can do to bring optimism and confidence back to the middle class around the world. In Canada, we’ve chosen to meet this challenge head-on, with a positive, generous response. It’s what our Prime Minister calls sunny ways…
I believe the international community needs to focus on three priorities. First, we need to grow the economic pie. And the keys to growth include strategic investments in areas like infrastructure and innovation. We need to create partnerships with the private sector so that we can be even more ambitious, supported by open and fair trade, and a stable financial sector. Second, we need to better share our success with others, by implementing policies that ensure that the benefits of economic integration benefit the majority of our citizens—the middle class—rather than the wealthiest. Finally, we need legitimate and strong international institutions to help coordinate global responses to the great challenges of our times: climate change, technology, conflict and migration. We need to play by a common set of rules that are fair, enforceable and applied equally to all.
See also: Canada’s foreign aid surpasses $10 billion (click HERE)