Former Prime Minister Paul Martin on the Eurozone financial stability
The Centre for International Governance Innovation brought former world leaders to Waterloo this weekend to discuss confronting the global economy. Among them former prime minister Paul Martin.
He fears the Eurozone debt crisis is far from over and it could have a negative impact on the Canadian economy.
"There's a lot of work to be done before in fact there will be any confidence it will succeed." said Martin.
The former prime minister was a panelist at the conference debating the future success of the G20, but the future of Europe was weighing on everyone's mind.
Martin was part of the CIGI '11 Conference In Waterloo. He said the success of the Euro zone plan hinges on a stimulated economy, that will be hard for them to achieve without global support.
It is expected the Europeans will look to Asia for help.
"There is a group over in China already seeing if China will be prepared to invest in Europe." said Martin.
Details of the Eurozone plan are expected to be announced at the G20 summit in France later this week. CIGI will send a team of experts to the G20 summit . They say this summit is an opportunity to learn from the Eurozone and start planning for the future.
"What we need are global governance mechanisms that are good for a decade that can survive any sort of disaster." said Fred Kuntz Vice President of Public Affairs at CIGI
Which is something the world and Canada should prepare for in the event the European Union can't recover Martin said.
"There's no doubt that if the European situation falls apart ... We're going to feel it here."