US Treasury Secretary Timothy Geithner called on Europe and Greece to act today to implement programs aimed at stabilizing roiling markets.
“The markets want to see action,” Geithner said at a press conference with the new UK Chancellor of the Exchequer George Osborne.
Geithner tacked on stops in London and Germany following his Asia trip in the wake of troubles in financially-ailing Greece and the Eurozone. Today’s session was mainly supportive.
“This is mostly a meeting of the minds,” Howard Wheeldon, analyst from London’s BGC Partners told Fox News, “No decisions were expected.”
In the wake of Germany’s unilateral action last week to stamp out certain speculative trading, the Treasury Secretary did push for Europe to work together on new regulations, saying the US was committed to a “comprehensive and consistent approach to financial reform.”
Geithner also encouraged Europe to look at “stress tests”’ and other methods to maintain oversight of banks here.
While a new approach was pitched today by the EU to impose levies on banks to create a fund to support financial institutions, analysts say nations here have been slow to act.
“Stress tests are bad if the country is not willing to back them up,” Michael Hewson of CMC Markets explained to Fox News, “or if they don’t want to hear the news.”
With 45% of UK trade and 25% of US trade with Europe, Geithner said the US is looking not just for stability but for “strength in its recovery.”
That recovery , according to experts here , still seems a way off.