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Our employment and our growth during the recovery are second to none in the G-7.

Our banking system is consistently rated the best in the world by the World Economic Forum, and our economy is rated best for business in the magazine.

I am pleased to present the 2013 edition of Canada’s State of Trade.

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While the fiscal position of Italy and Spain was, for the moment, stabilized by a decisive intervention of the European Central Bank (ECB), the previously resilient German economy succumbed to the downturn.

Further, the declared priority of shoring up fiscal balances across Europe became ever harder to meet as the stagnating output dried up tax revenues.

The long-term solvency of the periphery within the eurozone depends on finding a set of fiscal and monetary policies consistent with economic, political and social stability of all the euro members.

A solution along these lines in Europe would go far toward restoring confidence across the developed economies.

Canada is engaged in negotiations with large and fast-growing markets such as the European Union, Japan, India, and the countries that comprise the Trans-Pacific Partnership.