The Opening Ceremony of the Commonwealth Finance Ministers' Meeting

On behalf of the Government and people of Canada, it is my pleasure to welcome you. We are delighted and honoured to be hosting the Commonwealth Finance Ministers for - this - the fifth time.

As you meet, ladies and gentlemen, the global economy is experiencing a period of turbulence. Reminding all of us all that events half a world away - and beyond our control - can directly impact our economies and our economic confidence.

We must now take the steps necessary to reform and enhance our international financial mechanisms. To ensure the well-being and security of our people.

This is a global challenge that will require a global solution. Resolving it will require leadership. And it will require the creativity and input of all of us. That is why the Commonwealth is such a vital forum. It brings together a diversity of cultures, development and opinion that is matched only by the UN itself. A diversity that is more valuable than ever in times like these.

And that I know will encourage a useful dialogue about the Canadian action plan for a new and stronger international financial system that our Minister of Finance has laid out for you.

As we discuss these issues - in the Commonwealth and beyond - Canadian thinking will be premised on the lessons we have learned about governing in the global economy. That governments must get the economic fundamentals right. That we cannot be all things to all people. That we must target our resources carefully; toward areas that will yield the maximum long-term benefit in terms of economic growth, productivity and higher standards of living. That open markets and investment are the keys to prosperity and a better quality of life for our people - and for people everywhere.

Canada has learned these lessons. Canadians are reaping the benefits. And we have laid out a course that will continue to build on the strides we have made. That addresses the deeply-rooted economic challenges that still confront our nation. Reducing the burden of taxes and the public debt. Investing in the knowledge and skills of our people. Reducing child poverty. And ensuring that all Canadians have the health care they need.

Ladies and gentlemen, as nations - and as a community of nations - we must deal with our problems squarely. We must not give in to temptation and retreat behind walls of isolation and protection. We must not resort to out-moded solutions and dis-credited methods. Approaches that history has shown - time and time again - are a recipe for poverty and stagnation.

The agenda for this meeting shows just how relevant the Commonwealth is to the broader international context. I know your discussions will have a positive effect on the conduct of world economic affairs. I wish you a most enjoyable and productive gathering.