Sweeping reforms are needed to rebalance the global economy by boosting domestic demand in some of the world's largest economies, Timothy Geithner, the US Treasury secretary, said yesterday.
Mr Geithner, on a two-day visit to India, the world's fastest-growing large economy after China, said that “broader reforms” were needed outside the US to secure early signs of a global economic recovery.
His call for reforms comes days after he delayed a decision on whether or not to designate China as a currency “manipulator”, giving it an unfair trade advantage. It also comes as the US puts pressure on European countries to agree to higher capital adequacy ratios for their banks.
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