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Geithner’s Goal: Rebalanced World Economy
Posted By kurtnimmoadmin On October 21, 2010 @ 12:11 pm In Economic Crisis | Comments Disabled
DAMIAN PALETTA And DAVID WESSEL
The Wall Street Journal
October 21, 2010
Treasury Secretary Timothy Geithner said he would use weekend meetings of G-20 finance ministers to advance efforts to “rebalance” the world economy so it is less reliant on U.S. consumers, to move toward establishing “norms” on exchange-rate policy, and to persuade others the U.S. doesn’t aim to devalue its way to prosperity.
In an interview with The Wall Street Journal, Mr. Geithner said the world sorely needs to agree on guidelines for exchange-rate policy. “Right now, there is no established sense of what’s fair,” he said.
He also said the U.S. is pressing the Group of 20 industrial and developing nations to adopt numerical gauges to judge whether individual trade surpluses or deficits are “sustainable,” a way to measure progress towards the goal of more balanced global growth.
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