From financial reform to climate change to maternal health, this weekend's G8 and G20 summits will cover a seemingly disparate agenda of current issues that are affecting countries around the world. Tying them together is the need for a stable global economy and potentially preventing any concrete achievements are countries' individual agendas. Coming to the table with somewhat different objectives, having faired differently over the past two years, are the host country Canada and their southern neighbour, the US.

Like all G20 nations, the US has outlined that its main focus will be the global economy and maintaining sustainable growth as recovery in the US continues to inch forward. According to US Treasury Secretary Timothy Geithner and White House economic advisor Lawrence Summers, the US will seek to stabilize Europe through support for European financial reform and private sector stimulus that will maintain economic momentum. While Geithner has said that debt reduction is an ultimate goal, the US will be supporting a push for continued growth in the short term as to not stunt recovery too soon. Instrumental to the US' long-term plans for sustainable financial stability, and clearly influenced by recent domestic reforms, will be the creation of a global framework for financial regulation.

Outlining the US' objectives for his G20 colleagues in advance of the summits, President Obama distributed a letter on June 16, which called for a commitment to further stimulus spending if needed.  He wrote, "We worked exceptionally hard to restore growth; we cannot let it falter of lose strength now. ...we should reaffirm our unity of purpose...we should be prepared to respond again as quickly and as forcefully as needed to avert a slowdown in economic activity."

In some respects, Canada will be approaching the discussions with similar goals. Global financial stability and continued growth is a key component of Canada's agenda as well; it is in the methodology of the two countries' approach where Canada and the US differ. Canada, like the US, wants sustainable growth to continue - particularly in Europe. However Finance Minister Jim Flaherty has suggested that the stabilization of government debt, rather than ongoing stimulus and a global bank tax, is the answer.

Having waded its way through the past two years arguably well as the last country to enter into recession and the first to pull out, Flaherty has suggested that Canada will see a balanced budget by 2014. In his own letter to G20 leaders, Prime Minister Harper has urged leaders to focus on debt recovery to ensure sustainable growth. While Flaherty recognizes that recovery plans must be individualized and that, "One size doesn't fit all, of course," the Canadian government will be encouraging "balance" over increased stimulus. Canada will therefore be focusing on concrete deficit targets with a proposed goal of halving deficits in three years, although Flaherty has already suggested that these goals are only a starting point.

With the economic crisis having affected each nation incongruently, it will be interesting to see how summit discussions move forward and if they reach consensus on this issue. Moreover, with Canada and US both at diverse standpoints and facing various domestic pressures, how these two North American countries will fare in achieving their outlined objectives will likely be determined by the negotiating power of their leaders and the rest of the world.

Related:

• In the News: A Primer to the G8/G20 Toronto and Huntsville Summits
• Past Feature: News Release: Minister Van Loan Promotes Deeper Canada-U.S. Ties
• Past Feature: Canada-US Relations in 2010
• In the News: Daniel Schwanen - When Good Intentions are Not Enough: The G20 Stability Framework
• In the News: Recovery or Relapse: The Role of the G-20 in the Global Economy
• In the News: G20 Communique, June 2010

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