The Canadian Prime Minister, who will host the G8/G20 Summit in Canada on 25-27 June, said that there was need for the right balance between fiscal stimulus, which was still required in the short-term, and longer-term consolidation. He agreed with the trade union delegation that progress on financial regulation so far had been disappointing in the countries that required it, and that there should be no return to the financial system as it had been before the crisis.
However, there was no agreement on the issue of a financial transactions tax, which is opposed by the government of Canada, despite the support given by the European Union Council Summit meeting in Brussels yesterday.
"We are pleased the Prime Minister agreed that the measure of success was jobs," said President Ken Georgetti of the Canadian Labour Congress, who led the trade union delegation that presented the Prime Minister with the Global Unions Statement to the G8/G20 Summit
"Working people have paid and are paying the price of the crisis, and will not accept to pay for the debt crisis that is developing now," said ITUC General Secretary Guy Ryder. "That is another reason why the G20 needs to support a financial transactions tax that would generate billions of dollars annually for public spending, development and financing to deal with climate change."
"There is a contradiction between the conclusions coming from the G20 Labour Ministers and those from the G20 Finance Ministers," said TUAC General Secretary John Evans, adding "G20 Leaders must resolve this contradiction and send a clear message of confidence that their priority is working people, not bond markets."
