Our economy is not out of the woods yet.

Federal Finance Minister Jim Flaherty made that comment during a Conservative fundraiser in Owen Sound on Friday night. 

Flaherty tells Bayshore Broadcasting News the Asian economy is weakening and they will have to watch how that impacts the Canadian economy.

Flaherty warns the U-S is headed towards a fiscal crisis at the end of the year and that would negatively impact the world economy.

Flaherty doesn't feel the federal government needs to take action now to further stimulate our economy -- but he admits they will watch the situation closely.

The federal Finance Minister is looking forward to the U-S election.

Flaherty says it doesn't matter who becomes the next President, they need to take action to avoid a fiscal crisis.

In a rare move Friday, the Conservatives agreed to separate the MPs pension reform from the omnibus bill and it passed unanimously.

Flaherty says it was important to keep public sector pensions in line with private sector pensions.

But he ruled out separating any other issue from the 446 page omnibus bill.

About 400 people attended Friday night's fundraiser for Bruce Grey Owen Sound MP Larry Miller and MPP Bill Walker.
 
Flaherty's message also focused on getting Canadian corporations to invest more money to help create more jobs.

Flaherty also spoke about his love of the Georgian Bay region and how he use to sail in the area.