US Treasury Chief in Europe for Talks on Finance Crisis

26 May 2010

Britain's Chancellor of the Exchequer George Osborne, right, listens as US Treasury Secretary Timothy Geithner speaks at a joint press conference at 11 Downing Street, in London, 26 May 2010

U.S. Treasury Secretary Timothy Geithner is urging a common, coordinated approach to dealing with global financial reforms and says Europe must act quickly, and with force, to reassure markets that the euro-currency crisis will not spread. The American official is holding talks with finance leaders in Europe.

Treasury chief Timothy Geithner is discussing European measures to stabilize the ailing euro currency in a bid to reassure markets the crisis will not spread throughout the eurozone.

He is also talking about financial reform measures being proposed.

After meeting in London with his British counterpart, George Osborne, Geithner said the United States wants a careful and consistent approach to financial reform.

"That will put in place stronger, global standards across the system that provide the right balance between stability, preserving the capacity for innovation, make sure we reduce the risk of future crises," said Geithner.

The U.S. treasury chief's comments come amid indications some European countries may work independently to regulate banks and financial markets. Europe's biggest economy, Germany, last week banned some speculative trading and has indicated it may do so in the longer term.