Tags: geithner | economy

Geithner Warns of 'Possible Hazards': Report

Tuesday, 06 Oct 2009 08:12 AM

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Treasury Secretary Timothy Geithner warned of "many possible hazards" still facing the global economy in an interview published in the Italian daily Il Sole 24 Ore on Tuesday.

"There are many possible hazards that lie ahead of us. The most dangerous? That people feel too good too soon. Remember the problems that we had a year ago," Geithner was quoted as saying.

Europe has been quietly pressing the United States to encourage a strengthening of the greenback against the euro, and Geithner reiterated his position that Washington "was in favour of a strong dollar."

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"This will give us some direct responsibilities. We have to work hard to maintain confidence, and the Federal Reserve must defend price stability," he added.

Geithner also forecast "changes" in major economies following the global financial crisis.

"In the United States, we will save more and spend less, China will look to be less dependent on exports and stimulate domestic demand," he told Il Sole 24 Ore, adding that Japan and Europe would "represent 40 percent of global production."

On proposed changes to the financial system, Geithner said it was "legitimate" for banks to be influential and admitted that reform could "pose risks to financial innovation."

Nevertheless, he stressed that "the most important issue is that if stability (of financial institutions) is not guaranteed, it will become harder to raise capital."

"It is not the banks that makes the rules, it is government," Geithner said.

--AFP

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