BY PERRIN BEATTY, THE OTTAWA CITIZEN
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The G20 welcome signs proclaiming “History is being written in Cannes” now seem ironically correct. History was indeed made, but more for what the summit didn’t accomplish than for anything it did.

The French government hoped the leaders could develop policies on issues like green growth and youth unemployment. Instead, the summit became a sideshow while Greece sorted out its on-again, off-again commitment to a referendum that would almost certainly have forced it from the eurozone. It lurched away at the last minute, but the country faces hard times, economically and politically, for years to come. And there is no certainty that this small economy won’t drag the world back into recession.

The G20’s most important message isn’t in the final communiqué; there is very little to be found there. The real lesson is the impotence of international gatherings and institutions in solving important issues.

“The Finance Minister reported today on the state of the Canadian economy. Few Canadians will be surprised that the federal government is now anticipating that the books could be balanced two years later than expected. Having just returned from the B20 in Cannes, I can attest that we are seeing an economic slowdown throughout the world. However, we are still anticipating positive growth in Canada. We are looking at a slowdown but not at a recession. While we understand that the slower economic growth will delay Canada’s ability to return to balanced budgets, we agree with the Minister that the government should not be adding to the deficit by increasing spending at this time. Finally, the Chamber is pleased the government is limiting increases in EI premiums to 5 cents per $100 of insurable earnings for employees (7 cents for employers). That is less than the planned 10 cent increase. The federal government also announced that it is extending the Work-Sharing program. Both of these measures will help to support employment during a time of heightened economic uncertainty.”

-Perrin

Guy Laliberté, founder of the Cirque du Soleil accepts the Business Leader of the Year Award along with a donation to his ONE DROP foundation from Robert Youden, Chair, and Michel Barsalou, Executive Vice President of the Canadian Chamber of Commerce. Guy was honoured at a ceremony in Montreal
on Nov. 1.

I am honoured to be heading the Canadian delegation to the G20 Business Summit (B20) in Cannes, France, taking place today until November 4.

The Cannes summit represents a critical time in the work of G20 leaders to take urgent and decisive action to rein in debt, restore business confidence and refocus attention on their policy commitment to deliver strong, sustainable and balanced growth. Failure to do so risks plunging the world back into financial crisis and global recession.

We cannot afford any more missed opportunities. Yes, some actions have been taken, but we need to do more. Leaders need a clear collective plan to work together to take necessary measures to prevent default of payment, to rein in debt, restore business confidence.

My message to the G20 and B20 participants is that we need a continued commitment to resist trade protectionist measures. Open trade and investment is one of the solutions to this crisis.

Please follow my Twitter account @PerrinBeatty or the Canadian Chamber’s account @CdnChamberofCom for updates from the B20.

-Perrin