Growth of 2% in the United States is too low to support the world economy, which instead requires US expansion as a source of overall financial strength. This is the leitmotif of the reasoning expressed by Timothy Geithner, US Treasury secretary, during a speech at the financial G20 meeting in Washington. According to Geithner, Europe "will act with greater force in the coming months, however it will take years before the Old Continent is able to create a common fiscal structure, a fundamental requirement for regulating the monetary union".
The secretary then stated that in any case "the European crisis goes far beyond Greece, but it will not be a new Lehman Brothers". However, the European Union risks finding itself facing the danger of bankruptcy if it does not "act quickly to increase the firepower of its rescue structures".
