Geithner: Financial Flaws Must be Corrected
U.S. Treasury Secretary Timothy Geithner says he is seeing encouraging signs of a global economic rebound, but the world still has a way to go to emerge from the severe recession.
Geithner says the United States is not going to walk away from the greatest crisis since the Great Depression and not reform the flaws in the financial system that triggered the crisis.
He said it was very important that leaders of the Group of 20 nations meeting in Pittsburgh to pursue policies to promote an economic rebound do not sow the seeds for a future downturn.
Bigger Role for China
Geithner also said the U.S. supports China's bid for greater voting rights in international organizations like the IMF and the World Bank for itself and other fast-growing economies despite European reservations.
Geithner called such a move, which would reduce the long-standing proportionate influence of European countries in these organizations, a necessary shift.
Geithner said, if agreed to, the shift would be done in stages.
Europeans recognize that this is going to happen, despite their protestations, he said. "It's the right thing," Geithner told reporters in Pittsburgh before an economic summit.