News / Economy

US Treasury Secretary Urges Europe to Boost Growth

U.S. Treasury Secretary Jack Lew, left, French President Francois Hollande, right, and France's Finance Minister Pierre Moscovici, 2nd right, are seen prior to a meeting at the Elysee Palace in Paris, Jan. 7, 2014. U.S. Treasury Secretary Jack Lew, left, French President Francois Hollande, right, and France's Finance Minister Pierre Moscovici, 2nd right, are seen prior to a meeting at the Elysee Palace in Paris, Jan. 7, 2014.
x
U.S. Treasury Secretary Jack Lew, left, French President Francois Hollande, right, and France's Finance Minister Pierre Moscovici, 2nd right, are seen prior to a meeting at the Elysee Palace in Paris, Jan. 7, 2014.
U.S. Treasury Secretary Jack Lew, left, French President Francois Hollande, right, and France's Finance Minister Pierre Moscovici, 2nd right, are seen prior to a meeting at the Elysee Palace in Paris, Jan. 7, 2014.
Lisa Bryant
— U.S. Treasury Secretary Jack Lew is urging Europe to boost growth and shore up financial backstops he says are key for the region and the world. Lew made his call in Paris, during the first leg of a trip that also takes him to Berlin and Lisbon.

Speaking at a joint press conference with French Finance Minister Pierre Moscovici, Treasury Secretary Jack Lew praised the strides made by European countries in emerging from the crippling economic and financial crisis that gripped the eurozone for several years. But Lew urged the Europeans to do more in building up so-called "backstops."

"I think that as these mechanisms are tested, they have the capacity to grow and it will continue to be our view that the more capital there is in European banks, and the stronger the backstops are, the better it is for the European economy, the U.S. economy and the global economy," he said.

The European Union agreed last month to a plan to close failing banks, with bailout funds coming from banks, not taxpayers. But critics said it fell short of what was necessary to avoid a major crisis in the future.

Secretary Lew also urged European economies to boost consumer demand to stimulate economic growth.

"It's clear that some countries have more capacity to stimulate growth in demand than others do. It's been our view that you look at the global economy, there needs to be some more growth in Europe, there needs to be some more growth in Asia, and we are doing our best to promote growth in the United States," he said.

The Treasury secretary did not specifically mention economic powerhouse Germany - the next stop on Lew's trip. But Germany has been criticized previously for not doing enough to bolster domestic demand or to support the European economy as a whole.

You May Like

Mali's Female Basketball Players Rebound After Islamist Occupation

Islamist extremists ruled northern Mali for most of 2012, imposing strict Sharia law, and now some 18 months later, the region is slowly getting back on its feet More

Video Vietnamese Staging Chinese Product Boycott After Oil Rig Spat

Many Chinese-made products go unsold, for now, with numerous Vietnamese consumers still angry over recent dispute More

Koreas Mark 61st Anniversary of War Armistice

Muted observances on both sides of heavily-armed Demilitarized Zone that separates two decades-long enemies More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Students in Business for Themselvesi
X
Mike O'Sullivan
July 26, 2014 11:04 AM
They're only high school students, but they are making accessories for shoes, fabricating backpacks and doing product photography - all through their own businesses. It's the result of a partnership between a non-profit organization that teaches entrepreneurship and their schools. VOA's Mike O'Sullivan and Deyane Moses met the budding entrepreneurs near Los Angeles.
Video

Video Students in Business for Themselves

They're only high school students, but they are making accessories for shoes, fabricating backpacks and doing product photography - all through their own businesses. It's the result of a partnership between a non-profit organization that teaches entrepreneurship and their schools. VOA's Mike O'Sullivan and Deyane Moses met the budding entrepreneurs near Los Angeles.
Video

Video Astronauts Train in Underwater Lab

In the world’s only underwater laboratory, four U.S. astronauts train for a planned visit to an asteroid. The lab - called Aquarius- is located five kilometers off Key Largo, in southern Florida. Living in close quarters and making excursions only into the surrounding ocean, they try to simulate the daily routine of a crew that will someday travel to collect samples of a rock orbiting far away from earth. VOA’s George Putic has more.
Video

Video Not Even Monks Spared From Thailand’s Junta-Backed Morality Push

With Thailand’s military government firmly in control after May’s bloodless coup, authorities are carrying out plans they say are aimed at restoring discipline, morality and patriotism to all Thais. The measures include a crackdown on illegal gambling, education reforms to promote students’ moral development, and a new 24-hour phone hotline for citizens to report misbehaving monks. Steve Sandford reports from Bangkok.
Video

Video Virtual Program Teaches Farming Skills

In a fast-changing world beset by unpredictable climate conditions, farmers cannot afford to ignore new technology. Researchers in Australia are developing an online virtual world program to share information about climate change and more sustainable farming techniques for sugar cane growers. As VOA's Zlatica Hoke reports, the idea is to create a wider support network for farmers.
Video

Video Airline Expert: Missile will Show Signature on Debris

The debris field from Malaysia Airlines Flight 17 is spread over a 21-kilometer radius in eastern Ukraine. It is expected to take investigators months to sort through the airplane pieces to learn about the missile that brought down the jetliner and who fired it. VOAs Carolyn Presutti explains how this work will be done.
Video

Video Treatment for Childhood Epilepsy Heats up Medical Marijuana Debate

In the United States, marijuana is classed as an illegal drug by the federal government. But nearly half the states have legalized it, to some degree. Proponents say some strains of marijuana might have exceptional health benefits, for treating pain or inflammation in chronic conditions such as cancer, multiple sclerosis and epilepsy. Shelley Schlender reports on a strain of medical marijuana developed in Colorado that is reputed to reduce seizures in childhood epilepsy
Video

Video Airbus Adds Metal 3D Printed Parts to New Jets

By the end of this year, European aircraft manufacturing consortium Airbus plans to deliver the first of its new, extra-wide-body passenger jets, the A350-XWB. Among other technological innovations, the new plane will also incorporate metal parts made in a 3-D printer. VOA's George Putic has more.
Video

Video AIDS Conference Welcomes Exciting Developments in HIV Treatment, Prevention

Significant strides have been made in recent years toward the treatment and prevention of HIV, the virus that causes AIDS. This year, at the International AIDS Conference, the AIDS community welcomed progress on a new pill that may prevent transmission of the deadly virus. VOA’s Anita Powell reports from Melbourne, Australia.
Video

Video IAEA: Iran Turns its Enriched Uranium Into Less Harmful Form

Iran has converted its stockpiles of enriched uranium into a less dangerous form that is more difficult to use for nuclear weapons, according to the United Nations’ Atomic Energy Agency. The move complies with an interim deal reached with Western powers on Iran's nuclear program last year, in exchange for easing of sanctions. Henry Ridgwell reports for VOA from London.

AppleAndroid

World Currencies

EUR
USD
0.7305
JPY
USD
101.53
GBP
USD
0.5830
CAD
USD
1.0656
INR
USD
60.075

Rates may not be current.