Canadian Finance Minister Jim Flaherty, a frequent critic of how Europe has handled its debt crisis, has endorsed on the European Central Bank's call for a system to guarantee bank deposits.

"Mario Draghi, who's the head of the European Central Bank, called on European leaders to set a clear vision for the 17-member single currency group that is the euro zone and create a fund to guarantee bank deposits," Flaherty said in a speech.

"I agree wholeheartedly. This is the kind of action that the Europeans have not taken in the course of the past three or four years."

France, Italy, Spain and the United States have also called for European deposit guarantees, though German Chancellor Angela Merkel has rejected the proposal.