The G7 summit in Iqaluit wrapped up Saturday, with finance ministers from the Group of Seven industrialized nations pledging to create new regulations to keep financial institutions from engaging in overly risky practices.
During the two-day meeting, ministers and central bankers discussed the need for a common approach to repair the global financial system, including proposed regulations to govern the behaviour of banks.
Individual fixes have been presented by several countries. Britain has passed a new tax on banker bonuses, while the United States is considering a ban on bankers using their own assets on the financial markets.
But on Friday, Finance Minister Jim Flaherty stressed the importance of aiming for consistency in banking regulations.
"If financial institutions contribute to an economic crisis then they should position themselves, or be positioned so they can contribute to what they cause," Flaherty said.
Meanwhile, U.S. Treasury Secretary Tim Geithner reiterated that Washington is committed to an international plan to boost capital requirements for banks by December.
"We're going to design this framework with great care and we're going to make sure, as we put it in place, we're going to do so in ways that don't undermine prospects for recovery," Geithner said.
"What you saw today ... was a strong commitment together to put in place the kind of strong reforms that would prevent these kinds of crises from happening again," Geithner added.
"These common standards are going to have to be complemented by slightly different approaches at the national level."
The summit's informal talks covered a host of issues including economic recovery and banking reform, aid to earthquake-ravaged Haiti, China's fixed currency and rising debt in some European countries.
No official communique on the talks was issued, making it more difficult to determine where the G7 stands on banking reform leading up to June's meeting of the G20.
Ministers and central bankers began arriving in the territorial capital Friday.
Located south of the Arctic Circle but north of the tree line, Nunavut's capital Iqaluit also afforded the gathered ministers and bankers the chance to experience a taste of Canada's North.
Several of the attendees joined Flaherty for dog-sledding on Frobisher Bay Friday afternoon, when temperatures were at a relatively mild -15 C. Flaherty suggested that sledding gave the ministers a chance to bond outside of stuffy boardrooms.
"The location helped. We had no ties, frank discussions, it was an adventure for people, it took them out of office mode. And the world economy is coming back... so we're looking ahead," he said.
However, several European ministers skipped the communal feast Saturday night, where raw and cooked seal meat was served.
The European Union is on the verge of banning seal products. But the Canadian government has formally protested the ban to the World Trade Organization, arguing that seal hunting remains important to Inuit communities and sealers in Atlantic Canada.
With files from The Canadian Press
