House of Commons Issue No. 16 Minutes of Proceedings and Evidence of the Standing Committee on Foreign and International Trade
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HOUSE OF COMMONS CANADA

From Bretton Woods to Halifax and Beyond:
Towards a 21st Summit for the 21st Century Challenge

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EXECUTIVE SUMMARY

A month from the release of this report leaders from the "Group of Seven" leading industrialized democracies will be in Halifax for their 21st Economic Summit. Canada's hosting of this event arrives at a critical global juncture 50 years after the found

Building on the recent public review of Canada's foreign policy, we see our role as parliamentarians contributing to the development of strong Canadian positions at Halifax, while helping to generate the necessary political momentum for an international r

The Committee emphasizes in Chapters One and Two of this report the need for the government to bring to the Summit agenda definite working proposals on key directions for international financial and monetary reforms. Canada should push for specific terms

Among specific directions for the Summit, the Committee recommends in Chapter Three that the government seek agreement in June on a "Halifax Initiative for Bretton Woods Institutional Reform". (p. 14) In particular, Canada should press for: (1) clear mand

The Committee recommends in Chapter Four that the government seek agreement from Summit leaders on a "Halifax Programme of Action on Poverty Reduction and Sustainable Human Development". (p. 33) In particular, Canada should press for: (1) reforming polici

The Committee recommends in Chapter Five that the government propose to the Summit a "Halifax Accord on International Monetary and Financial Reforms" with the aim of stabilizing currency and capital markets. (pp. 60-61) In particular, Canada should press

Finally, the Committee emphasizes that the Halifax Summit will be successful only if it initiates a comprehensive multi-year process of reforms to the international financial system, going beyond the G-7 to include the interests of other countries. Ultima

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