Harper says G20 needs benchmarks

OTTAWA, May 18 (UPI) -- Canadian Prime Minister Stephen Harper said he would ask the Group of 20 nations to adhere to financial benchmarks that support sustainable economic health.

"We now need to reassure markets not just that we've been prepared to intervene when we had to, but that governments can run responsible and sustainable balances over the long term," Harper said.

"The levels of deficit and debt in many countries are reaching levels that markets judge to be unsustainable," he said.

Harper said he will press the issue at the meeting of G20 leaders in June in Toronto, the Canwest News Service reported Tuesday..

The Canadian leader has already sent G20 leaders a letter calling for a recent agreement, the "Framework for Strong, Sustainable and Balanced Growth," to be revised to include increased concerns over government debt.

TD Bank Chief Economist Craig Alexander said, "It is very clear that across the industrialized world, there is a significant need to put more responsible fiscal policies in place," echoing the prime minister's concerns.