December 7, 2011
Treasury Secretary Timothy Geithner, boosting pressure on European nations ahead of a critical summit, appealed to euro-zone officials on Tuesday for stronger action to calm the Continent's deepening debt turmoil.
Mr. Geithner, dispatched by President Barack Obama on a three-day trip to Europe, said the currency bloc will need "a sustained commitment of political will" to resolve its troubles.
He kicked off his visit by meeting in Frankfurt on Tuesday morning with the president of the European Central Bank and the head of Germany's central bank, and later, in Berlin, with Germany's finance minister. Mr. Geithner didn't disclose details of his discussions with the three officials, all of whom are central to devising more-decisive measures to resolve market fears that are weighing on the global economy.
"Financial crises are ultimately resolved when governments and central banks succeed in creating the conditions that make it compelling for investors to take the risks involved in lending to governments and to banks," Mr. Geithner said in Berlin after meeting with German Finance Minister Wolfgang Schäuble.
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