By IANS,
Mexico City : The eurozone has made remarkable progress in fighting the debt crisis, but should build its own more credible financial firewall as soon as possible, US Treasury Secretary Timothy Geithner said here.
“Europe is making quite a bit of progress in convincing the world that they are not going to allow a catastrophic financial failure in the continent,” said Geithner Saturday, ahead of the G20 finance ministers and central bank governors meeting.
However, Geithner stressed the progress hadn’t been enough to solve the debt crisis, reported Xinhua.
“Now they are not down, they know they have more work to do.”
He also urged Europe to “put in place a stronger, more credible firewall”, although “it is not a short-term thing”.
Building the firewall is a fundamental, deeply consequential economic issue and deserves the world focus now, he said.
The European Union (EU) has urged the international community to pump more money into the IMF, but some members of the G20 including the US are opposed to the proposal as they think the resources of the IMF can not substitute a healthy and strong European rescue fund.