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30 July 2012

Geithner, Schäuble call for a continuation of global and European reform efforts


German Finance Minister Wolfgang Schäuble and US counterpart Timothy Geithner said they were confident the countries of the eurozone would implement reforms needed to overcome their sovereign debt crisis.

Timothy Geithner and Wolfgang Schäuble met for an open exchange of views on global, US and European economies. They emphasised the need for ongoing international cooperation and coordination to achieve sustainable public finances, reduce global macro-economic imbalances, and restore growth.

Both expressed confidence in euro area Member States’ efforts to reform and move towards greater integration. They welcomed the Irish example of placing successfully longer term bonds last week and Portugal's continued success in meeting programme commitments. They discussed the considerable efforts undertaken by Spain and Italy, to pursue far-reaching fiscal and structural reforms. The US and Germany will continue to cooperate closely with their partners when advancing the policy agenda in autumn to stabilise global and European economies further.

While again stressing the need for policymakers to adopt and implement all reform steps required to deal with the financial crisis and crisis of confidence, Secretary Geithner and Minister Schäuble also took note of statements from European leaders last week to take whatever steps are necessary to safeguard financial stability in the euro area.

Press release



© Bundesfinanzministerium


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