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WASHINGTON, April 24 (Xinhua) -- U.S. Treasury Secretary Timothy Geithner on Friday said the deterioration of world economy and trade has "eased," but warned it is too early to conclude that a real recovery has already begun.
GLOBAL DETERIORATION "EASED"
Briefing reporters at a news conference after meeting with top financial officials from the world's seven biggest industrial nations, or the Group of Seven (G7),doudoune moncler pas cher, Geithner said the global economy now looks a little bit better,moncler pas cher, but it's too early to see the lights at the end of the tunnel.
"We meet in the context of a severe downturn in the global economy. Now, without underestimating the very considerable challenges still ahead, there are signs that the pace of deterioration in economic activity and in trade flows has eased,abercrombie," he said.
Without elaboration,burberry, the treasury secretary said that certain spending measures have stabilized and financial conditions have shown "modest improvement."
"Some measures of spending, some measures of output activity in the United States and other economies may have begun to stabilize. Financial conditions in some markets have shown modest improvement. And these are encouraging signs," said Geithner.
The U.S. housing market,burberry pas cher, the epicenter of the global crisis, is beginning to stabilize, Geithner added.
But he cautioned that "it is too early to say the risks have receded, and it's too early to conclude that we're beginning to emerge from this remarkably challenging set of pressures still working their way through the financial system and the global economy."
PUSH FORWARD G20 AGENDA
For that reason,casque dr dre, Geithner said there is a clear imperative to push forward the G20 agenda agreed on at the London meeting earlier this month.
According to him, that agenda includes four elements: "laying the foundation for recovery with strong efforts to support demand growth"; "encouraging further repair of our financial systems to get credit flowing again"; "providing very, very substantial support for the IMF and for the World Bank and the regional development banks"; and "laying a foundation for broad reforms to the international financial architecture."
He spoke of the "important progress" since the London G20 summit, praising Japan and other countries for augmenting or putting in place "new substantial fiscal stimulus programs."
Geithner added that the managing director of the International Monetary Fund (IMF) is in "striking distance" of securing 250 billion U.S. dollars in temporary financing, with the United States intending to contribute up to 100 billion dollars.
He also noted the "progress" in addressing the challenges posed by off-shore tax havens and off-shore financial centers.
MAJOR CHALLENGES STILL AHEAD
"Our major challenges are still ahead of us," Geithner said.
"It is very important that the governments of the G20 and governments around the world continue to provide the level of support for demand and the commitment to support the restoration of credit flows that is necessary to help us end the recession and lay a foundation for recovery,abercrombie and fitch," he said.
Secondly,casque beats, Geithner said it is very important to mobilize additional resources for the IMF, and the World Bank, and the regional development banks.
Thirdly, he said,doudouen moncler, it's very important to build consensus on broad reforms of the international financial system.
The fourth important thing is to build consensus globally on a set of stronger international standards that can help prevent future crises and make the financial systems as a whole less prone to future booms and busts, according to Geithner.
Moreover,moncler, he said, it is important to "set in motion now a process for reform of the government and structure of the international institutions."
Geithner said reforming financial markets will be done with the goal of a "stronger, more balanced global recovery."
The U.S. treasury secretary made the comments between the meeting of G7 financial officials and the meeting of G20 financial chiefs here in Washington.
The meetings are held here on Friday to try to fine-tune the world's leading economies' responses to the global economic crisis after the London summit.
The G20 and G7 meetings were held in the context of grim IMF forecasts for a sharp global economic decline.
The IMF predicted on Wednesday that the global economy will contract 1.3 percent this year and grow only 1.9 percent in 2010.
The U.S. host expected no major announcements from the meetings, but hoped the meetings will provide the opportunity to exchange updates on countries' economic conditions.
A protester holds a sign reading "Give Us Our $$$$$ Back" as U.S. Treasury Secretary Timothy Geithner (L) speaks during a hearing of the Congressional Oversight Panel of the Troubled Asset Relief Program on Capitol Hill in Washington, April 21, 2009.
