April 18, 2012 / 5:00 PM / 6 years ago

Canada says Europe's own actions key to its future

OTTAWA, April 18 (Reuters) - The key to containing Europe’s debt problems lies with decisions within Europe, rather than an increase in rescue funds by international lenders, Bank of Canada Governor Mark Carney said on Wednesday.

“Solving the issues in Europe is not about a firewall, it’s about decisions that will be taken in Europe over a sustained period of time; and it’s European actions that will be decisive here as opposed to outside money,” Carney told a news conference ahead of meetings in Washington of the Group of 20 leading economies and the International Monetary Fund.

The IMF has been pressing for increased resources to be able protect the world’s economy from Europe’s debt crisis.

Carney, who is also head of the international Financial Stability Board, said Europeans already have considerable resources in place, with important fiscal and reform commitments.

“It depends how well those are implemented,” he said. “It is not like we will have a discussion in the next few days and then we’ll put Europe to one side.”

Addressing the IMF’s position on the need to boost rescue funds for Europe, Carney said, “The IMF has a view but there’s not a consensus within the G20 at this stage. The decision of any potential Canadian participation is a decision of the government of Canada.”

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