The world’s top finance officials meeting last month were trying to commit jointly to reducing debt until Mark Sobel, a mid-level U.S. Treasury official who rarely speaks in public, led the charge to kill the effort.
Treasury Secretary Jacob J. Lew urged Congress to fulfill a U.S. pledge to reinforce the war chest of the International Monetary Fund, saying the lender has helped mitigate financial crises from the Middle East to Europe.
The Group of 20 nations must avoid currency devaluations aimed at increasing competitiveness and promote more transparency in exchange rates, the U.S. Treasury Department’s top international official said.
The U.S. Treasury Department’s top international official urged Group of Seven economies to avoid targeting exchange rates and let markets set currency levels, calling for full and timely data on the scale of nations’ interventions.
The U.S. and its allies need to provide long-term support to Egypt, Tunisia and other nations undergoing political transitions, said Lael Brainard , the Treasury Department’s undersecretary for international affairs.
Countries around the world need to work more closely together on foreign exchange policies and financial supervision, said Lael Brainard , the U.S. Treasury’s undersecretary for international affairs, speaking in Washington today.