.jpg)
The Securities Industry and Financial Markets Association (SIFMA) and the Investment Industry Association of Canada (IIAC) today issued the following joint statement concerning this week’s G-20 finance ministers meeting:
“Protectionism and economic nationalism were among the leading factors contributing to the length and severity of the Great Depression in the 1930s. While many observers have compared today’s financial crisis to that era, the world has largely avoided a similar knee-jerk reaction against globalization,” said Tim Ryan, President and CEO of SIFMA. “It is vital the G-20 leadership continue to promote open trade and investment as the cornerstones of global growth and job creation in their upcoming meetings. We believe it is critical that G-20 members avoid regulations that have an adverse impact on other countries, and commit to a standstill on any new barriers.”
“Where new regulatory actions are deemed necessary at the national or international level, they should be crafted to guard against the dangers of protectionism,” said Ian Russell, President and CEO of IIAC. “It is essential that G-20 members work towards consensus on approaches to achieve consistent and efficient regulatory standards to promote well functioning global capital markets and avoid the unnecessary burden of negotiating a maze of differing regulations. And, as policymakers develop new proposals in the face of the current challenges, they should consider the monitoring of regulations to ensure effectiveness and collaborate on findings to encourage consistency of approach.”
On April 2, the G-20 leadership will meet in London to discuss the global financial crisis.
