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Geithner says global economy still needs stimulus

Treasury Secretary Timothy Geithner said Wednesday that efforts by the United States and other nations to fight a worldwide economic crisis have been able to pull the global economy "back from the abyss."

But countries must continue to provide sizable amounts of support until there are clearer signs of recovery to avoid a classic mistake countries have made in past recessions, he said.

Geithner said he would stress that point in meetings of financial ministers in London that start Friday. Those discussions will allow officials to assess the state of the global economy for growth and decide what steps are needed to prevent a recurrence of last year's crisis.

"We have come a long way, but we have got a long way to go," Geithner said at a briefing for reporters to preview the meetings of finance ministers from the Group of 20 nations. "We need to make sure we are confident we have a strong recovery in place."

A proposed global framework to bolster requirements for the amount of capital reserves that banks need to hold to guard against losses also will be among Geithner's talking points. Many experts believe last year's crisis occurred because current bank regulations do not impose strict enough requirements on the reserves a bank has to cover its losses on loans.

The administration is hoping to get broad agreement among major countries on raising capital standards so that financial institutions in the U.S. would not be put at a disadvantage if capital standards here are raised to higher levels than their competitors face in other nations.

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 Source : China Daily  Editor: Ivy
Related:
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· Geithner sees signs of growth, but stimulus remains needed
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