Editor’s note: Finance minister of the year: Jim Flaherty, Canada

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By:
Clive Horwood
Published on:

The choice of Jim Flaherty as Euromoney’s finance minister of the year for 2009 has generated a great deal of publicity in Canada, where it seems many people have taken issue with our decision.

Finance minister of the year: Jim Flaherty, Canada

This has generated a number of comments, some of which we are happy to publish.

It is inevitable that, in picking a politician for any award, a large section of any population will disagree with it.

 

Padraic Fallon, chairman of Euromoney
Institutional Investor plc, presents
award to Jim Flaherty of Canada at a
reception on October 6 in Istanbul
during the annual World Bank/IMF
meetings.
However, we are happy to stand by our decision. It was interesting to note, in attending the IMF meetings in Istanbul this week, the positive reaction of many bankers, ministers, governors and other senior officials to the award announcement, and contrast that with the comments of Flaherty’s opponents back home.

Readers in Canada should realise that Euromoney is a global publication, looking at the impact of ministers in the context of global financial markets. By that yardstick, Flaherty’s performance – and Canada’s – has been excellent.

They might also consider the esteem in which Flaherty is held by many of the senior executives in the leading Canadian banks, which have been among the biggest winners of the crisis. Those prepared to read through the article can see many comments relating to the actions that Flaherty has taken, and the benefits they have had for Canadian banks, from the local bankers themselves.

Finally, I leave you with the citation delivered by Euromoney Institutional Investor’s chairman, Padraic Fallon, at our reception in Istanbul:

“Our winner has earned a reputation for maintaining a sound fiscal policy. His country’s economy has performed remarkably well, especially considering that it is so reliant on its next-door neighbour the US.

Equally, his government has given the chance to his country’s banks to thrive. And thrive they have. Not one bank in Canada has failed. The World Bank says that Canada has safest financial system of any nation. That’s why it played a key role in the G8’s discussions this time last year. It’s no wonder that countries such as China are keen to learn about Canada’s regulatory system.

As for the finance minister himself, well even his wife says he is like a dog with a bone when it comes to getting things done. But let me leave it to a senior Canadian banker to explain what he brings: ‘He hits a brick wall, and he comes back at it time and again until it is done.’” 

We are receiving a lot of feedback on this year's award, some may be accessed in the comments section to the article. Please note that we will no longer be accepting comments to this article.  

Below are links to selected feedback and features:

SqueezePlay : October 7, 2009 : Flaherty Flattery [10-07-09 5:10 PM]
BNN - Business News Network
Minister of Finance Jim Flaherty was recently named Finance Minister of the Year by Euromoney magazine. The magazine notes that not one Canadian bank has failed. BNN speaks to the finance minister about what it means to be singled out as the best worldwide, and Helen Avery, U.S. editor, Euromoney magazine, about the selection.



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Finance minister of the year: Jim Flaherty, Canada