The opening American gambit of the coming G20 summit may have come on Thursday when Treasury Secretary Timothy Geithner called for a massive overhaul of the American financial system in testimony before Congress.
SOUNDBITE: Treasury Secretary Timothy Geithner, saying (English):
"To address this will require comprehensive reform. Not modest repairs at the margin, but new rules of the game."
The narrative ahead of the G-20, being held in London in early April, was that the Europeans were looking for the Americans to do more on regulation, while the US was looking for more global stimulus. Now the narrative has shifted.
David Min of the Center for American Progress.
SOUNDBITE: David Min of the Center for American Progress, saying (English):
"This is an excellent sort of timing, having the US take the lead and establish itself once again as the leader in global capital markets and the leader sos gar as regulating global capital markets."
In testimony before the House Financial Services Committee Geither said that the US can't do it alone.
SOUNDBITE: Treasury Secretary Timothy Geithner, saying (English):
"I do think it is very important that in these markets, which are global markets, you want to have a global solutions. You don't want to have separate national solutions. Our hope is we can work with the Europeans on a global framework for a global infrastructure."
Min said the Geithner plan also send a message.
SOUNDBITE: David Min of the Center for American Progress, saying (English):
"This is really a shot across the bow telling Europe and telling Asia we are ready -- we are tackling this problem, we are being thoughtful about how to fix regulation and we expect you to be equally thoughtful at the G20 conference."
But there are no guarantees Geithner's words will be enough to ease the deep concerns of other G20 members. While President Barack Obama was warmly received by Europe when he was a presidential candidate, the G20 summit may be a test of whether that good will can survive in the face of the worst economic crisis since the Great Depression.
SOUNDBITE: Treasury Secretary Timothy Geithner, saying (English):
"To address this will require comprehensive reform. Not modest repairs at the margin, but new rules of the game."
The narrative ahead of the G-20, being held in London in early April, was that the Europeans were looking for the Americans to do more on regulation, while the US was looking for more global stimulus. Now the narrative has shifted.
David Min of the Center for American Progress.
SOUNDBITE: David Min of the Center for American Progress, saying (English):
"This is an excellent sort of timing, having the US take the lead and establish itself once again as the leader in global capital markets and the leader sos gar as regulating global capital markets."
In testimony before the House Financial Services Committee Geither said that the US can't do it alone.
SOUNDBITE: Treasury Secretary Timothy Geithner, saying (English):
"I do think it is very important that in these markets, which are global markets, you want to have a global solutions. You don't want to have separate national solutions. Our hope is we can work with the Europeans on a global framework for a global infrastructure."
Min said the Geithner plan also send a message.
SOUNDBITE: David Min of the Center for American Progress, saying (English):
"This is really a shot across the bow telling Europe and telling Asia we are ready -- we are tackling this problem, we are being thoughtful about how to fix regulation and we expect you to be equally thoughtful at the G20 conference."
But there are no guarantees Geithner's words will be enough to ease the deep concerns of other G20 members. While President Barack Obama was warmly received by Europe when he was a presidential candidate, the G20 summit may be a test of whether that good will can survive in the face of the worst economic crisis since the Great Depression.
[ⓒ 시민일보. 무단전재-재배포 금지]
