Geithner: Europe has made "incredible progress," "more to do"

Feb 25, 2012, 22:35 GMT

Mexico City - US Treasury Secretary Timothy Geithner on Saturday praised the European Union's efforts to tackle its fiscal problems and preserve the euro currency, but said that there was more work to do.

'Europe is making incredible progress in convincing the world that they are not going to allow a catastrophic financial failure,' he said on the sidelines of a two-day Mexico City gathering of ministers of finance and central bankers of the Group of 20 (G20).

Geithner noted that European leaders 'know they have more to do in making that commitment credible.'

He spoke to a meeting of the Institute of International Finance (IIF), a banking industry group.

Europe, Geithner said, needs to 'put in place a stronger, more credible firewall.'

'It's very important that large economies in Europe have a strong financial shield,' he said.

The best way out of the ongoing debt crises in several eurozone countries 'is to commit to more than is necessary,' he said. Experience shows that in such extreme circumstances 'you want to move quickly and as aggressively as possible,' Geithner said.

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