UPDATE 1-Canada to stress at G20 need to fix US, EU banking
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OTTAWA, March 11 (Reuters) - Canadian Finance Minister Jim Flaherty said on Wednesday he will stress at this weekend's G20 finance ministers meeting the need for the United States and Europe to fix their banking systems.
Canada will also urge more countries to follow through on a G20 agreement to introduce stimulus plans that are at least equivalent to 2 percent of gross domestic product, he said.
"The other thing of course we're going to emphasize is the need, the imperative, of the United States to fix its banking system and the Europeans to fix their banking system," he told reporters.
"We have to get the banking systems functioning properly in order to have reasonable access to financing and credit internationally," he said.
Flaherty's comments to reporters came ahead of the meeting of G20 finance ministers in Britain that will lay the groundwork for a summit of G20 leaders in early April.
He said Ottawa has done more than its share to boost demand with its C$40 billion ($31 billion) stimulus plan to fast-track infrastructure projects and cut taxes.
"We're certainly going to encourage all of the G20 partners to do what we said we would do in November, when the leaders and the finance ministers met in Washington, and that is we agreed that we would all do at least 2 percent of our GDPs in stimulus over two years," he said.
U.S. Treasury Secretary Timothy Geithner said on Wednesday the Obama administration's message to the G20 would be a focus on the need for concerted global action to jumpstart growth. (Reporting by Louise Egan; editing by Rob Wilson)
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