US treasury sec claims 'small gains in financial stability'
US treasury sec claims 'small gains in financial stability'
Saturday 25th April 2009
US treasury secretary Timothy Geithner said he was noticing small improvements in indicators of financial stability.In a statement released after meeting with members of the G7, Mr Geithner spoke of the need to continue global action to tackle the problems of the financial crisis.
While warning that there was still a lot of work to be done, he said he had noticed reductions in the rate of decline of trade flows and economic activity. He added that there was less instability in the US housing market and spending in sectors of the US economy was also picking up.
He said: "We are right to be somewhat encouraged, but we would be wrong to conclude that we are close to emerging from the darkness that descended on the global economy early last fall."
Mr Geithner added that the "severe downturn" in the global economy was likely to be "more virulent and long lasting" as measures taken to address the problems had to taken into account the effects of the preceding "long period of increased borrowing and leverage in the global system".
The US treasury secretary called for more coordinated action to repair national financial systems and to reform international organisations tasked with overseeing financial stability.
He also stressed the need to tighten domestic regulatory systems to create a system that could deal with the "needs and complexity" of modern finance.
Mr Geithner is hosting a series of meeting with other top national finance officials in Washington this weekend.
Related News
IMF head urges more action on banking reform - 24/04/09
The head of the International Monetary Fund (IMF) has accused the United States and governments in Europe of not following up their promises to reform the banking sector
The head of the International Monetary Fund (IMF) has accused the United States and governments in Europe of not following up their promises to reform the banking sector
Microsoft suffers first-ever sales fall - 24/04/09
Microsoft sales fell this year for the first time in the company's 23-year history, but some analysts have expressed their relief the quarterly results were not even worse
Microsoft sales fell this year for the first time in the company's 23-year history, but some analysts have expressed their relief the quarterly results were not even worse
FTSE 100 holds up but with little direction - 23/04/09
The FTSE 100 remained stable today with a late drop putting the index into negative territory
The FTSE 100 remained stable today with a late drop putting the index into negative territory
Budget 2009: Darling tax plans torn to shreds - 23/04/09
Alistair Darling's surprise move to impose a 50p top-rate tax has been condemned as a white elephant
Alistair Darling's surprise move to impose a 50p top-rate tax has been condemned as a white elephant
News Article Search
Quick Apply
News Archive