Sept 16, 2011
The world will not see the kind of coordinated response policymakers organized during the global financial crisis in 2009 but the United States and the European Union must work closely together to overcome the current economic challenges, Treasury Secretary Timothy Geithner said on Friday.
Geithner also told European officials and bankers during a visit to the Polish city of Wroclaw he believed Europe had the capacity to contain its sovereign debt crisis but it must choose to do so and it must avoid “loose talk” about the euro.
“Although the challenges are different now and we are not at a moment where you are going to see the same kind of generalized coordination deployed that was necessary in the first part of 09, there is a huge imperative to get emerging economies and major economies working a little more together and that is what we are trying to do,” he said.
Geithner’s presence in Wroclaw, where he earlier held talks with euro zone finance ministers, underlines the seriousness of U.S. concerns about the debt crisis within the 17-nation single currency area and its impact on the broader global recovery.