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Geithner talks up stability deal

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"The US and Europe are in broad agreement on imposing more conservative rules on financial institutions, but such regulation should not be so drastic that it would “create headwinds to the economic recovery”, said Tim Geithner, US Treasury secretary, in Berlin on Thursday. On a whirlwind visit for talks in Germany and the UK on the global economy and the eurozone crisis, Mr Geithner stopped short of public criticism of European governments for excessive spending cuts. But he warned of the need for a balance between financial austerity, tougher regulation and continuing growth incentives. He said talks had focused on the agenda for the forthcoming summit of the Group of 20 largest economies, including co-ordinated action on growth and financial reform."
SOURCE:   Financial Times