Canada will be setting up a global risk management institute in Toronto to track international financial issues in hopes of better dealing with global financial crises. Doesn't that sound exciting?

The federal and provincial governments will each contribute $10 million to the new think tank, which is set to be running in December. Private sector donors will add another $2.5 million annually.

Proponents of the initiative say the Global Risk Institute will raise Toronto's profile as a great financial centre, as well as create jobs and strengthen Canada's economy. "We have been a world leader throughout the global financial crisis and initiatives like the one being launched today will only add to our international reputation," Finance Minister Jim Flaherty said at a news conference.