"Regulation" and "oversight" will be among the summit's buzzwords, with Finance Minister Jim Flaherty and Bank of Canada governor Mark Carney likely to stress that each country needs to establish stronger domestic regulation as a necessary first step toward international co-ordination on banking rules.
Canada's financial system has proven more resilient than most during the global economic crisis.
The country has been sheltered by capital rules – the base capital that banks need to have to make loans – that are more stringent than the international standard, as well as a cap on how much debt banks can take on.
Considering how the Con$ squealed when Canada's banks were told by then Finance Minister Martin to take a hike on the subject of deregulating and allowing them to merge in fifteen different ways with other Canadian banks and foreign banks, there's a perverse irony to them now spouting off how wonderfully well our regulatory system has worked...a regulatory system that they have fought tooth and nail against for years.
One has to wonder how spinmeisters like Tom Flanagan will try to assimilate that into their next joint and smoke it? (Should produce something nice and acrid, I'm sure)