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Geithner: US, Europe broadly agree on reform

BERLIN (AP) - Treasury Secretary Timothy Geithner says the U.S. and Europe are in "broad agreement" on the need for regulatory reform of the financial system and is stressing his commitment to "a strong global framework of reforms."

Geithner spoke Thursday after meeting with German Finance Minister Wolfgang Schaeuble.

European countries agreed this month on a euro750 billion (nearly $1 trillion) loan backstop for governments in danger of defaulting on debt - coupled with efforts to cut budget deficits.

Geithner welcomed Germany's "leadership role" in putting together that package.

He said all countries understand the need to cut deficits and are working closely together "to make sure that we are strengthening and reinforcing (the) global recovery."


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