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November 17, 2004
Toronto delegation visits European Central Bank
Frankfurt, Germany - Earlier today, a delegation comprised of Deputy Mayor Joe
Pantalone and Toronto business people visited the European Central Bank (ECB).
The ECB's main task is to maintain purchasing power and price stability in the
12 European Union countries that first introduced the Euro in 1999.

Deputy Mayor Pantalone said, "Toronto is corporate headquarters for 80 per cent
of all foreign banks doing business in Canada. Financial services in our city
employs more than 200,000 people and is one of the city's fastest growing

"We are here to learn from the ECB experience and bring back ideas for the role
and involvement of Canadian banks in the life of Toronto."

Canadian banks are leaders in the development of financial information
technology and electronic banking. More than $3.7 billion was invested in 2002

Toronto is the fourth largest financial services centre in North America. The
city's state of the art communications and information technology
infrastructure has the highest concentration of fibre optics in North America.
Toronto also leads the world in debit card and automated bank networks.

The Toronto Financial Services Alliance, a private-public partnership, includes
representatives from banking, insurance and investment enterprises who work
together to promote the competitiveness of the financial services sector.

Media contacts:
Monica Kucharski, Economic Development, Culture and Tourism Department,
Economic Development, Culture and Tourism Media Hotline:



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