In a speech to the Americas Society and the Council of the Americas, Bank of Canada Governor David Dodge said today that the United States and Canada should lead the effort to strengthen institutions such as the International Monetary Fund. Doing so could encourage the countries of Latin America to become more involved in the global economy.

Governor Dodge also outlined the economic issues and challenges that face Latin America, and said they might be better dealt with through an organization similar to the Organization for Economic Cooperation and Development, but one dedicated to the Americas. "Unfortunately, there is no OECD for the Americas," he said. It is time to "build a table for the Americas, so that the benefits of the global economy can be spread throughout our hemisphere."

More liberalized trade is crucial to prosperity across the Americas, and it is extremely important that the Doha Round of trade talks at the World Trade Organization resume quickly, the Governor added. More generally, action is needed at the international level to update the rules of the game for the global economy, while greater effort is needed to ensure the benefits of the global economy are felt throughout the Americas, Mr. Dodge concluded.