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7 Jan 2014
US's Lew urges European officials to stimulate growth
FXstreet.com (Łódź) - US Treasury Secretary Jack Lew said on Tuesday that Europe should step up efforts to boost growth, which should be “rooted in investment and demand.” He also emphasized the importance of further action on creating backstops for failing lenders.
During a joint conference with Finance Minister Pierre Moscovici in Paris, Lew urged European officials to facilitate consumer and company spending. He said that for some countries it is easier to spur demand than for others, alluding to Germany, which has been facing pressures to use its strong economy to support weaker EU countries.
"Short-term demand has to be part of the agenda in terms of keeping growth moving in the right direction," the US Treasury Secretary stressed.
Lew also pressed for progress on setting up backstops for failing European financial institutions. "It will continue to be our view that the more capital that there is in European banks, and the stronger the backstops are, the better it is for the European economy, the US economy and the world economy," he said.
During a joint conference with Finance Minister Pierre Moscovici in Paris, Lew urged European officials to facilitate consumer and company spending. He said that for some countries it is easier to spur demand than for others, alluding to Germany, which has been facing pressures to use its strong economy to support weaker EU countries.
"Short-term demand has to be part of the agenda in terms of keeping growth moving in the right direction," the US Treasury Secretary stressed.
Lew also pressed for progress on setting up backstops for failing European financial institutions. "It will continue to be our view that the more capital that there is in European banks, and the stronger the backstops are, the better it is for the European economy, the US economy and the world economy," he said.