Geithner: Action is what matters
By Alex Stevenson
US treasury secretary Tim Geithner talked up the prospects of action as a result of this week’s G20 finance ministers meeting in his post-summit press conference.
As members of the G20 prepare to negotiate a global deal on economic reform after last year’s economic collapses, Mr Geithner said a “coordinated global response” could be expected.
Amid reports of division between the G20 countries about how to achieve domestic economic recovery, however, the US treasury secretary shied away from calling on other nations to adopt the heavy spending approach adopted by Barack Obama’s administration.
politics.co.uk asked Mr Geithner whether he feared some countries would not stomach the bold reforms available from what chancellor Alistair Darling had earlier described as a “menu of options”.
“If you looked at the people around that table. you see a very strong recognition of the scale of the challenges and a very strong recognition of a need to act,” he said.
“In terms of what actions individual nations take, that is dependent on the conditions they face, but it is important you see action, that is what matters.”
Mr Geithner explained a mutual understanding of what had caused the current crisis underscored the universal acknowledgement of the need for action.
“We’ve seen a systematic failure at national level and internationally. That recognition really underscores this commitment to reform,” he added.
“It is really remarkable to see countries that have such difference circumstances recognise the need for reform.”
