'Eurozone crisis will not spill over'

Measures adopted by the European Central Bank and the International Monetary Fund are sufficient to prevent the Eurozone crisis from spilling over to other parts of the globe, a senior Canadian minister said on Tuesday.

"The European Central Bank, supported by the IMF, has come up with strategic measures that will prevent the European sovereign crisis from spilling over to other parts of the globe," Canadian finance minister James M Flaherty told reporters here, on the sidelines of a CII seminar.

 "Some fiscal consolidation measures were needed to be taken by some European countries, and they have already taken that. All the actions taken so far are in the right direction," he said.

However, the EU crisis has showed that the world needs to be "conscious" about the fact that its recovery is still in a "fragile" state, he added.

The G-20 meeting at Toronto will discuss topics varying from financial sector reforms to trade protection and fiscal consolidation, he said.