SAO PAULO -(Dow Jones)- Canadian Finance Minister Jim Flaherty reiterated Saturday that it isn't time for a big overhaul of the global financial architecture, and instead urged nations to "get their own house in order."
The remarks suggest the difficulties the Group of 20 nations face in agreeing on a proposal from Brazil, China, India and Russia for the G-20 to replace the Group of Seven as the key forum for discussing global financial issues.
Brazilian Finance Minister Guido Mantega told reporters Friday about the proposal, after the first formal meeting of finance ministers from the four big developing countries, and said they want more say in world financial institutions.
But Flaherty said: "Now is the time to be putting out the fire, not to be planning brand new schemes."
Speaking on the sidelines of a meeting of G-20 finance ministers and central bankers, Flaherty said the G-20 could consider future changes, for example, to which international groups should set financial standards.
But he added: "That's a longer-term project, that isn't something one is going to settle sitting around the table today or tomorrow."
Asked if Canada would guarantee bank loans to companies, Flaherty said "we aren't in the bailout business."
"I can look at additional measures we could take," he said, noting as well the economic difficulties in Canada.
-By Terence Poon, Dow Jones Newswires; 86-10-6588-5848; terence.poon@dowjones.com
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(END) Dow Jones Newswires
November 08, 2008 11:36 ET (16:36 GMT)

Publié le 08 novembre 2008 Copyright © 2008 Dowjones