CHAIRMAN'S FOREWORD

The research, preparation and writing of every parliamentary report has a specific dynamic which is the result of the many factors which give it particular relevance and force in its time.

In the case of this report, the timeliness and importance of this subject matter is its primary factor. Concern for the way in which the international financial institutions function has now moved from the rarefied and sequestered levels of finance depar

Canada has a unique opportunity as host of the G-7 Summit in Halifax to influence the process of the reform and reshaping of these institutions to ensure their efficiency and relevancy in the increasingly integrated world of the 21st century. The purpose

The recommendations in this report must, of necessity, be somewhat general in form, and at times not as specific as the drafters wished. Time and space does not permit more, however, and the Committee recognizes that it is making but one contribution to

We also recognize that this report, in addressing issues of global governance in the international financial sphere, is searching for solutions which may be equally applicable to international institutions generally. Finding solutions here will lead to p

However pressing these issues, this report could not have been produced without the willingness of a dedicated group of people to attempt this complicated and arduous task and bring it to a satisfactory conclusion. The credit must go firstly to the members of the Committee. This is a unanimous report, not always a given in the political atmosphere that must necessarily direct the committee's work. This was only possible because the members not only showed a willin

Our clerk, Janice Hilchie was, and is, a true pillar of strength both because of her personal experience and competence and also her willingness to work cheerfully the extra hours necessary to meet deadlines. Our principal writer, Dr. Gerald Schmitz of t

Finally, I must thank the many witnesses and organisations, government officials and academics who willingly contributed their time and expertise to help us understand these issues. Many are mentioned in the report and are far too numerous to list here b Various individuals were also good enough to contribute time out of their busy schedules; the suggestions of Mr. George Soros and Mr. Gerald Corrigan found in this report are a testimony to their reflections and interest in this work. Our colleague Jane

In conclusion, may I express my personal hope that this work contributes to Canada's position at the Halifax summit and through that to the long, arduous and important task of establishing global financial institutions appropriate to the needs of the 21st