Jim Flaherty is doing his level best to steady a rocky boat, being hammered by turbulent waters. Stay calm and you have a chance of staying afloat; panic and engage in motion that is frantic and reactive and your boat may well sink.
Flaherty is indeed facing an uphill battle. Not only does he have streams of negative economic data coming out from many different corners of the globe, he is dealing with an almost visceral investor reaction as was evidenced in a world wide sell-off on global markets last week.
He told reporters that the key to enduring this trouble is remaining calm. Additionally, he suggested that much of the successful outcome of this current patch of economic turbulence relies heavily on European leaders and their ability to contain the crisis that is swirling in the Euro zone. Flaherty says too that the time now is not for talk or theorizing; this is a call for action ringing loud and clear throughout the region.
He suggested that one of the main culprits at the moment is uncertainty, which is no doubt what is playing such a significant role in the queasiness and the subsequent wild sell-offs that have been happening. The cure for this uncertainty, as Flaherty says, is for Euro zone leaders to take a decisive action and that speed is of the essence; particularly in Greece where a lack of action will have a deep and direct impact on the likelihood of another global financial crisis.