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Geithner calls for European action

1st August 2012

US treasury secretary Timothy Geithner has called on European leaders to act soon to solve the region's underlying economic problems.

Speaking to Bloomberg TV yesterday (July 1st), he said the eurozone had to introduce polices aimed at "bringing down interest rates in the countries that are reforming and making sure those banking systems can provide the credit those economies need".

Mr Geithner was speaking after he held meetings with German finance minister Wolfgang Schauble and with European Central Bank (ECB) president Mario Draghi and confirmed that the leaders are preapared to make saving the single currency a priority.

Last week, Mr Draghi stated similar sentiments and speculation began about the positive action that could come from tomorrow's policy meeting at the ECB.

Forex trading yesterday was subdued as investors await the policy announcements, but the euro did gain on the GBP as figures revealed that the number of British mortgage approvals fell during June.  

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.