Source: The Canadian Press

Finance Minister Jim Flaherty is calling for pragmatic and flexible plans to help support the global economic recovery.

Flaherty told the Canada-U.S. Securities Markets Summit in New York that the uncertainty around the world is a major inhibitor to growth.

Canada has urged European leaders to commit to an expanded emergency fund to deal with their sovereign debt problems.

Financial markets have been rocked in recent weeks over Greece’s ability to pay its debts and the repercussions of a default on sovereign debt.

Flaherty also said that emerging market economies, particularly those with fixed exchange rates, need to allow their exchange rates to appreciate.

The value of the Chinese yuan has been a key point of contention between the U.S. and China as the low yuan keeps the price of Chinese goods low and U.S. products high.