Translation of "Système financier du gouvernement canadien " (French → English) :

The exceptional circumstances prevailing in the financial market, in conjunction with the fiscal position of the Portuguese Government, have disrupted the assessment by the market of securities issued by the Portuguese Government, with negative effects on the stability of the financial system.

Concludes that we need more Europe; considers that there is an urgent need for political and intellectual leadership in order to put the European project back on track; takes the views that the Commission needs to make full use of its initiative rights in the fields of shared competences, notably in energy policies, to empower the EU for challenges ahead; believes that the eco-social-friendly internal market project which underpins the Union needs to be completed; urges that mechanisms for economic governance within the Union be strengthened, especially from the point of view of better accountability, contingency ...[+++]management, and economic and employment policy coordination; Asserts that the financial and supervisory reform agenda must move forward rapidly, addressing not just the shortcomings observed in the crisis but also the need to design a financial system that supports the real economy, is conducive to financial stability and engenders economic growth, long-term investment, job creation, social cohesion and the fight against poverty; Considers it necessary to redesign the taxation systems in a fair manner, in a way that discourages the build-up of excessive leverage and promotes social justice, entrepreneurial spirit and innovation; Calls for a revitalisation of the sustainable social market economy and the values it enshrines;

Notes that global imbalances, regulatory governance (regulation and supervision), and monetary policy - together with specific factors inherent in the financial system, such as the complexity and opacity of financial products, short-term featured remuneration systems and inadequate business models - are the main factors contributing to the current financial crisis;

[1] The conclusions of the G-20 Toronto Summit say: ‘ We agreed the financial sector should make a fair and substantial contribution towards paying for any burdens associated with government interventions, where they occur, to repair the financial system or fund resolution, and reduce risks from the financial system.

The Millennium Declaration states that creating an environment that is conducive to development and to the elimination of poverty depends, inter alia, on good governance within each country, on good governance at the international level and on transparency in the financial, monetary and trading systems.

On the contrary, it went so far as to say that, in the application of section 15, the courts had the duty to recognize the federal system of the Canadian government, which is based on the recognition of regional disparities.