In speech given in Toronto yesterday, managing director of the International Monetary Fund (IMF) Christine Lagarde heaped lavish commendation on the Canadian economic sector.
The speech, entitled “Global Financial Sector Reform: An Unfinished Agenda,” stressed that completing financial reform is the key to spurring economic recovery and jump-starting economic growth throughout the globe.
But her effusive praise of Canada was quite notable.
Lagarde called Canada a “leader” in the development new tactics in order to identify and manage macroprudential policies — or “big picture” risks — such as the buildup of household debt. She commended Canada for both its success in the financial sector, and for its values of “coordination and consensus building, which have given your country influence beyond its years.” She even quoted Wayne Gretzky.
“It is fitting to discuss these topics in Canada, a country with one of the strongest financial sectors in the world,” Lagarde highlighted. “While it faces its own challenges, there are important lessons that Canada can teach the rest of the world about how to build a stronger, safer financial system.”
The Canadian press is very happy with the news, as per this headline from the National Post.