OTTAWA - Finance Minister Jim Flaherty says he strongly supports the G7 action plan to stabilize the world's markets and restore credit flow to stamp out the spreading financial crisis.
Flaherty met in Washington, D.C., last week with President George W. Bush and finance ministers from the world's top economic powers to find solutions to the spiralling global economy.
On Friday, he and the other G7 finance ministers devised a five-point plan, which includes pumping money into the banking system and get credit flowing again.
He says he expects Canada to ride out the economic storm better than any other G7 nation -- and even post modest growth next year.
Flaherty says the federal government will continue to work with its G7 partners and take appropriate steps to support Canada's financial system.
He says Ottawa will take action to avoid any unintended consequences from policy measures by other countries that would put wholesale borrowing in Canada at a competitive disadvantage.
However, Flaherty does not say which steps will be taken.
He also applauds an agreement reached by European leaders, which he says will lead to timely implementation of the G7 agreement.
At a Paris meeting of European leaders Sunday, countries that use the euro agreed to temporarily guarantee bank refinancing to ease the credit crunch.
