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US seeks collaboration on crisis response

By Wang Lan (China Daily)
Updated: 2008-10-09 14:53

A senior US Treasury official today said the US government is focused on executing its rescue program rapidly to restore stability and confidence to the market and minimize the impact of the financial crisis on the real economy.

"We will move very quickly to execute the rescue program in weeks, not in months, to bring back confidence to the market," said David McCormick, the US Treasury's under secretary for international affairs,at a television conference to Chinese media this morning .

He called on both the US and other countries to coordinate efforts to confront the underlying challenges and to achieve a common goal.

"It is very important that we cooperate and communicate," McCormick said, adding that the US government is also very concerned about how emerging markets are affected by the financial crisis, given their increasingly important role in driving global economic growth.

McCormick said as financial turmoil is still developing, it is too early to tell the full extent of the impact, and he predicted that the next several quarters would be quite difficult for the US as well as the world.

He also expected upcoming G-7 and IMF meetings will be important, and constructive in bringing major countries to work together.

"We are all affected by it, and strengthened international collaboration is needed now more than ever to find collective solutions to achieve stable and efficient financial markets and restore the health of the world economy," said McCormick in advance of G-7 Finance and Ministers and Central Bank Governors Meeting.

Members of G7 include France, Germany, Italy, Japan, UK, Canada and US. The finance ministers of these countries meet several times a year to discuss economic policies.