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US Treasury Chief in Europe for Talks on Finance Crisis

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U.S. Treasury Secretary Timothy Geithner is urging a common, coordinated approach to dealing with global financial reforms and says Europe must act quickly, and with force, to reassure markets that the euro-currency crisis will not spread.  The American official is holding talks with finance leaders in Europe.

Treasury chief Timothy Geithner is discussing European measures to stabilize the ailing euro currency in a bid to reassure markets the crisis will not spread throughout the eurozone.

He is also talking about financial reform measures being proposed.

After meeting in London with his British counterpart, George Osborne, Geithner said the United States wants a careful and consistent approach to financial reform.

"That will put in place stronger, global standards across the system that provide the right balance between stability, preserving the capacity for innovation, make sure we reduce the risk of future crises," said Geithner.

The U.S. treasury chief's comments come amid indications some European countries may work independently to regulate banks and financial markets.  Europe's biggest economy, Germany, last week banned some speculative trading and has indicated it may do so in the longer term.

Geithner said a common approach in a world of global markets is crucial.

European countries have been trying to stem the tide of a near financial meltdown that started in Greece, but is now threatening to engulf other heavily indebted countries.  European nations have put together rescue packages for Greece and the broader eurozone.  As a major contributor to such loan guarantees, Germany wants stricter measures in place to keep countries from running up such high debts and to regulate the banking and financial sectors.

Geithner said the European aid package has the right elements, but now needs to be put into action.

After talks in London, Geithner is to meet with German and other European officials in the coming days.

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