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Toronto, April 4, 2001
2001-038

Western Hemisphere Finance Ministers Build on Montreal Consensus

Finance Minister Paul Martin today welcomed the Western Hemisphere Finance Ministers’ (WHFM) endorsement of the Montreal Consensus, which recognizes that prosperity requires both economic growth and investment in social safety nets.

The idea that countries’ economic growth will only be sustainable if based on a strong social foundation is one that emerged at the meeting of G-20 finance ministers and central bank governors last October, and was pushed strongly by Canada.

"Today we continued to broaden the dialogue to examine the social challenges that globalization poses for the Western Hemisphere," the Minister said at the conclusion of a daylong meeting of the WHFM in Toronto. "The objective must not be simply growth, but the widest possible participation in the benefits of growth."

In Montréal, G-20 finance ministers agreed that sound economic policies alone are not enough to ensure that the benefits of open trade are enjoyed by all countries and all people. They agreed that social policies encouraging education and training and the development of social safety nets are also critical.

Today in Toronto, Minister Martin found support for this position from his colleagues throughout the hemisphere. "We had a good exchange of perspectives that will help us ensure that our countries and peoples benefit to the greatest extent possible from the integration of the international economy," the Minister said.

This was the fourth meeting of the WHFM group, a forum for discussion of issues such as economic and financial stability, growth and trade. Previous meetings have been held in New Orleans, Louisiana (1996), Santiago, Chile (1997), and Cancún, Mexico (2000).

In Toronto, ministers looked at a wide range of issues including the economic outlook for the hemisphere, ways of combatting financial crime, the contribution of trade to growth, the challenges of globalization, and the implications of new information technologies for economic performance and the delivery of government services.

Minister Martin told the WHFM session in his closing remarks, "I am encouraged by the common approach we have reached for achieving our vision of an economically stable hemisphere, where the fruits of prosperity are widely shared."

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