Canadian Finance Minister Jim Flaherty sent a letter to his colleagues in the Group of 20 reiterating the country's opposition to a proposed global tax on banks. Canada opposes the idea partly because its banks did not require state aid during the financial crisis. "While some countries may choose to pursue an ex ante systemic risk levy or a tax, I do not believe that this would be an appropriate tool for all countries," Flaherty wrote. "A global levy could also result in excessive risk-taking as a result of a perceived government guarantee against failure."

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