"Those discussions also take place with some of the non-European members of the G20 who are concerned... with the potential consequences of a crisis in the eurozone," Flaherty said in a Toronto press conference.

"The real concern right now is Europe, the weakness in some of the banks in Europe, the fact they're undercapitalized, the fact the other European countries in the eurozone have not taken sufficient action yet to address those issues of undercapitalization of the banks and building an adequate firewall," he said.

"This is a continuing concern."