Cataclysmic event should be avoided for global recovery: Canadian PM

HUNTSVILLE, Canada, June 26 (Xinhua) -- Group of Eight leaders recognized that the world must avoid some kind of cataclysmic event that would endanger global recovery, Canadian Prime Minister Stephen Harper said here on Saturday.

Addressing media at the closing of G8 summit, Harper said that leaders of the eight major industrialized countries recognized that the world economy recovery is fragile and there are many risks going forward to that recovery.

Harper said G8 leaders all recognized that "we can't afford some particular event that would cause a series of cascading events and downward spiral of confidence in global markets."

"I think lesions from 2008 and risks today is what overwhelmingly drives all G20 leaders as we look at the problems we see before us," he said.

Harper recognized that currently some European countries are facing sovereign debt crisis, and there are increasing pressures on banking industries in various countries.

"Every time you see these problems, you see countries involved in the problem working with their G8 and G20 counterparts and others in the Financial Stability Board, working very quickly to ensure that no short-term cataclysmic event occurs that could us throw very far from tracks," he said. "So we all remain -- quite frankly, week-to-week, day-to-day -- very engaged and very involved in those kind of situation."

The one-and-a-half-day G8 summit concluded around noon on Saturday, and will be followed immediately by the G20 summit in Toronto on Saturday afternoon.

"The G20 is an opportunity for us to take somewhat longer time horizon, in this case, we are talking really mid-term horizon, a three to five years horizon, as opposed to year-to-year or month- to-month horizon. And actually look at what we can do to both strengthen the recovery going forward," Harper said.

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