- 06/26/10 03:07 PM ET
Treasury Secretary Timothy Geithner hailed international cooperation in recovering from the global economic crisis, but he said other countries must continue to support growth efforts.
While Geithner lauded the steps the world has taken now that the global economy is "coming out of the fires of the crisis," he warned that other countries must continue recovery efforts.
President Barack Obama is at the summit in Toronto, pleading with foreign leaders to not stop their spending in recovery efforts, but a number of his counterparts, including German Chancellor Angela Merkel, have balked at the idea of continued spending in light of record deficits.
Geithner, who is joining Obama at the G-20, warned that "the scars of this crisis are still with us."
"So, this summit must be fundamentally about growth," Geithner said. "And our challenge, as the G-20, is that we all need to act to strengthen the prospects for growth."
He added: "We need to act together to strengthen the recovery and finish the job of repairing the damage of the crisis."
Geithner noted that different countries are "coming out of the crisis at different speeds," saying the U.S. has taken the lead in its recovery while the recovery some European countries and Japan is lagging.
As Geithner pushes other countries to push forward with stimulus efforts, the White House has sought to solidify a narrative that Obama has led the world out of the economic crisis, a familiar them from the White House in recent days.
"The world has now seen President Obama move quickly and forcefully to address the challenges we face in the United States and to build a very strong cooperative international response to the challenges facing the world," Geithner said.
The G-20 begins in earnest Saturday night with a working dinner, following on the heels of a meeting of the G-8 on Friday and Saturday morning just North of Toronto.
While Geithner lauded the steps the world has taken now that the global economy is "coming out of the fires of the crisis," he warned that other countries must continue recovery efforts.
President Barack Obama is at the summit in Toronto, pleading with foreign leaders to not stop their spending in recovery efforts, but a number of his counterparts, including German Chancellor Angela Merkel, have balked at the idea of continued spending in light of record deficits.
Geithner, who is joining Obama at the G-20, warned that "the scars of this crisis are still with us."
"So, this summit must be fundamentally about growth," Geithner said. "And our challenge, as the G-20, is that we all need to act to strengthen the prospects for growth."
He added: "We need to act together to strengthen the recovery and finish the job of repairing the damage of the crisis."
Geithner noted that different countries are "coming out of the crisis at different speeds," saying the U.S. has taken the lead in its recovery while the recovery some European countries and Japan is lagging.
As Geithner pushes other countries to push forward with stimulus efforts, the White House has sought to solidify a narrative that Obama has led the world out of the economic crisis, a familiar them from the White House in recent days.
"The world has now seen President Obama move quickly and forcefully to address the challenges we face in the United States and to build a very strong cooperative international response to the challenges facing the world," Geithner said.
The G-20 begins in earnest Saturday night with a working dinner, following on the heels of a meeting of the G-8 on Friday and Saturday morning just North of Toronto.
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