Flaherty blasts Europe for inaction, warns words no longer sufficient

Finance Minister Jim Flaherty says European dithering has taken the world to the brink of another recession, and the world cannot wait any longer for politicians to act.

In a speech in Ireland, Flaherty warns that European leaders must show courage to get ahead of their debt crisis.

Flaherty’s blistering criticism came following inconclusive meetings of the G20 in Paris over the weekend.

European leaders have dampened expectations that an upcoming weekend EU meeting will solve the European debt crisis, saying it is only an “important step” on a long road that will continue far into next year.

But Flaherty says it is no longer sufficient for European leaders to pledge to do something, they must put their words into action.

He says he understands that the decisions Europe politicians must take are difficult, but adds that that’s why they were elected to lead.

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