OTTAWA - Canada is warning that protectionist policies adopted by governments would only worsen the global recession.
Finance Minister Jim Flaherty and Trade Minister Stockwell Day say countries that erect trade barriers will only prolong and deepen the financial crisis.
The two made their comments in advance of this weekend's Group of Seven meeting in Rome, where finance ministers and central bank governors will discuss the global credit crunch.
A U.S. economic stimulus bill being considered in Congress includes a "buy American" provision for materials used in construction projects.
Day says the U.S. must consider the far-reaching implications of such a measure.
Flaherty is also urging the countries meeting in Rome to refrain from talk of setting up a new global financial regulator.
He says creating such a body would take too long, and the International Monetary Fund and Financial Stability Forum are already equipped to oversee banking institutions.
