Posted November 21, 2018 05:25:08 Canada’s federal government is in the midst of a G20 summit in Beijing this week, and it’s not the first time the G-20 has come under scrutiny for its involvement in the global financial crisis.
During the 2016 crisis, the Canadian government stepped in to prop up the country’s financial system.
“This time around, it will be interesting to see what Canada can do as a leader of the G7 to help its allies, to help itself, to take a look at what it needs to do,” said John Molyneux, the CEO of the BMO Capital Markets Group.
“We have a number of G7 countries that are very dependent on the U.S. for their economic success and their exports,” he said.
“The G7 is going to be the focus of attention in the G10 and the G15.
We know that the U:15 is going in an economic crisis, so this is a good opportunity to see how Canada can help.”
Molynux said the G6 was already making some headway on helping the U., but there were some hurdles to overcome.
“They have to make some concessions, but there’s a lot of good stuff there,” he added.
“If they can find ways to work with the U, I think they can get it done.”
While Canada was trying to help the U.-15 countries in the first place, it’s also been helping the G8 countries, which includes Russia.
While Canada’s role in the crisis was minimal, it was able to lend a hand with the G16, which is a global gathering of leaders from rich and poor nations.
“It’s really the G+20 that’s the global economic forum, and they are very much involved in that,” Molynes said.
The G20 leaders meeting will likely feature several countries from emerging markets, including China and India, as well as Latin America and the Caribbean.
It’s unclear when the G18 will meet, but it’s expected to happen in the coming months.
“What you’ll see from this G20 is the global economy and what it looks like going forward,” Malyneux said.