Mr. Speaker, when our constituents turn on their TVs or read their newspapers, they can not help but hear what is currently taking place in Europe. After years of high levels of debt spending, many European countries are facing financial crisis. As this eventually could seriously impact the global economy, Canadians watch with concern. While the NDP might want to engage in reckless deficit spending and create bloated government bureaucracies, we see the cost of such fiscal irresponsibility.
Could the Minister of State for Finance please update Parliament on the latest developments on the situation in Europe?