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Article: World economy needs new rules to avert fatal financial crises.
- Article from:
- Canadian Speeches
- Article date:
- July 1, 1999
- Author:
CopyrightCOPYRIGHT 1999 Canadian Speeches. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PAUL MARTIN
Minister of Finance
New rules governing the world economy are needed to avoid the type of financial crisis that impoverished millions in Asia, Latin America and Russia during the past two years, and threatened the rest of the world. The old rules and institutions are no longer adequate to deal with the unprecedented flows of billions of dollars of investment capital. Private investors must play a greater role in resolving and preventing crises. But for that to happen, the type of legal framework that governs finance in countries such as Canada and the United States must be extended globally. Speech to the Conference of the Canadian Institute ...