Treasury Secretary Timothy Geithner took a message of optimism to the weekend's G-20 meeting of finance ministers and central bankers in Busan,South Korea.Mr.Geithner says the Europeans have the ability and the political will to solve the debt problem.We're in a much stronger position today to get through this.He thinks we have in place a moderate but pretty strong recovery to deal with this.
These new rules on capital and liquidity are gonna be the most important elements of reform around the world,Mr.Geithner believes.We want these financial firms to run much more conservatively,yet support businesses.We want to bring the world to higher standards and a level playing field.U.S. firms have much stronger capital positions today.The economy has been growing now for four quarters.All the indicators suggest improving job growth.The broad numbers show steady strong improvement and confidence that will translate to better times for the average American,in Timothy Geithner's opinion.
Mr.Geithner called for other countries to re-balance growth in order to create sustainable growth.The U.S. is moving aggressively to fix things we got wrong and to strengthen our economic fundamentals.Americans are strengthening their savings,so other countries must generate more internal consumption to take up the slack.
Mr.Geithner was warmly greeted by Jean-Claude Trichet,President of the European Central Bank,at the international conclave in Busan,South Korea.
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