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Geithner Says G-20 Consensus Forming, U.S. Backs Strong Dollar

By Rebecca Christie

Sept. 24 (Bloomberg) — Treasury Secretary Timothy Geithner said Group of 20 nations have a “strong consensus” to reduce reliance on exports, and said the U.S. has a “special responsibility” to support the dollar’s role as the world’s reserve currency.

“A strong dollar is very important in the United States,” Geithner said in response to a question at a press conference today in Pittsburgh, where the Group of 20 nations started two days of talks.

Geithner predicted a G-20 agreement around a U.S. proposal for nations to cut dependence on export-led growth to foster a more “balanced” global recovery. He said a higher U.S. savings rate this year is an “encouraging sign” and indicated the U.S. government’s interventions in markets will be withdrawn gradually.

The Obama administration is trying to reach an accord among the biggest industrial and emerging economies to keep stimulus measures in place and lay the groundwork for a global economic rebound. Geithner said the U.S. will keep its assistance programs in place until “we are very confident” in the strength of the recovery.

Investor concern about the budget deficit, which is forecast to rise to .6 trillion this year, has contributed to the weakness of the dollar. The trade-weighted Dollar Index has fallen 11 percent since Obama’s inauguration in January. The index measures the currency’s performance against the euro, yen, pound, Canadian dollar, Swiss franc and Swedish krona.

Dollar’s Role

Geithner reiterated that the U.S. intends to take steps necessary to prevent the dollar’s role in the global economy from diminishing.

“We have a special responsibility here in the United States to make sure we are doing the things in this country to preserve confidence in the U.S. financial system — confidence that’s very important to sustain the dollar’s role as the principle reserve currency in the international financial system,” Geithner said. “We expect, as I think countries expect around the world, the dollar to retain that position for a very long time.”

Geithner also said signs are emerging of a global economic recovery and he indicated a “shared commitment” among G-20 nations to adopt measures aimed at preventing another financial crisis while continuing to bolster their economies as they emerge from the past year’s contraction.

Growth Emerges

“We’re beginning to see growth in the United States and around the world,” he said. “This is encouraging, but we have a ways to go.

At this week’s meetings, the G-20 also is moving forward with efforts to overhaul financial regulation, rein in banker pay and require banks to hold more capital in reserve against potential losses. This week’s meetings should produce “more concrete timeframes” to put such changes in place, along with pledges that countries will act individually as well, the Treasury chief said.

The U.S. wants to “lead by example” with changes to financial regulation, Geithner said, reiterating the administration’s desire to work with Congress to enact legislation this year. The U.S. also wants to keep pressing for reform of the International Monetary Fund and the World Bank to give a bigger voice to developing countries with fast-growing economies, he said.

http://www.bloomberg.com/apps/news?pid=20601068&sid=aOdHXNfRMHZE

Shouldn’t we hold off on anymore government spending to stop inflation and strengthen the dollar? I haven’t heard congress or Obama call for any spending freezes or cuts have you?

Technorati Tags: assistance programs, bloomberg, budget deficit, canadian dollar, Consensus, Dependence, Dollar Index, Dollar Policy, economic rebound, emerging economies, G20, global economy, global recovery, Government Spending, groundwork, inauguration, Interventions, investor concern, Proposals, rebecca christie, reliance, reserve currency, stimulus, strong dollar, swedish krona, swiss franc, timothy geithner, treasury secretary

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