The Green Party of Canada applauds the selection of Bank of Canada Governor Mark Carney to head up the Financial Stability Board (FSB), a global institution established in 2009 to lead an overhaul of the international banking industry.
Ard Van Leeuwen, Finance Critic for the Green Party commented, “We hope that the G20 will give the FSB the authority and financial resources to carry out their mandate of financial reform and, more importantly, the enforcement of those reforms.”
Mr. Carney has advocated the idea of placing stringent capital requirements on big banks whose failure could cripple the world financial system. There is certain to be resistance to many of the reforms the FSB is likely to propose. The Green Party believes that the ability for some ‘too big to fail’ industries to privatize their profits and socialize their losses by forcing taxpayer-backed bail-outs is a fundamental flaw in our economic model.
“I am impressed with the forthrightness of any Central Banker who acknowledges, as Mark Carney has done, that the Occupy Wall Street Protests are constructive. He’s acknowledged the frustration felt due to the continual increase of economic inequality,” said Green Leader Elizabeth May. “We wish Mark Carney the best in his ground breaking role as the first Canadian to head up an international institution with the potential to change the game for Wall Street,”