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Ottawa, July 7, 2000
2000-054

Finance Minister Welcomes IMF Report on the Canadian Financial Sector's Compliance with International Standards

Finance Minister Paul Martin welcomed yesterday's release of an International Monetary Fund (IMF) report that found that the Canadian financial sector's high degree of compliance with international standards and codes has contributed to a stable financial system.

"Canada has a highly developed, well diversified, and sound financial system which plays an important role in the economy," concluded the Report on the Observance of Standards and Codes (ROSC). The ROSC assesses the Canadian financial sector's observance of international standards and core principles.

"This report demonstrates Canada's excellent record of compliance with internationally agreed standards and its leadership in promoting wider implementation of these standards around the world," the Minister said.

The completion of Canada's ROSC follows a commitment made by the Group of Twenty (G-20) finance ministers and central bank governors at their inaugural meeting in Berlin in December 1999. Under Minister Martin's chairmanship, each G-20 member agreed to undertake both a ROSC and a Financial Sector Stability Assessment (FSSA).

The ROSC is based on an earlier IMF review of the Canadian financial sector's compliance with international standards in areas such as financial sector regulation and supervision, and financial and monetary transparency.

ROSCs are a key element of efforts by the international community to promote compliance with internationally recognized standards and codes of good practices.

"Compliance with these standards and codes greatly reduces a country's vulnerability to financial crises, which is an important step in ensuring that globalization works for all," the Minister said. He added that Canada's leadership in completing both the FSSA and ROSC will encourage others to follow suit.

The full text of Canada's ROSC can be obtained at www.imf.org.

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