At a meeting between German Finance Minister Wolfgang Schäuble and US Treasury Secretary Timothy Geithner, both men stressed the need for ongoing cooperation and coordination to restore growth.
Meeting informally on the German island of Sylt on Monday, Schäuble and Geithner exchanged views on the global, American and European economies. They agreed it was key to work together in order to achieve sustainable public finances, reduce global macroeconomic imbalances, and restore growth.
Schäuble and Geithner welcomed the successful Irish example of a long-term bond sale last week and Portugal's continued success in meeting its commitments to reduce government borrowing. They also discussed the considerable efforts undertaken by Spain and Italy to pursue far-reaching fiscal and structural reforms.
Geithner also met with the president of the European Central Bank, Mario Draghi, on Monday and held a phone conversation with French Finance Minister Pierre Moscovici.
The US Treasury Department said in a release that Geithner's conversation with Moscovici focused on "ongoing efforts to ensure financial stability, foster greater economic integration and promote the recovery of the eurozone."
mz,slk/lw (Reuters, AP)