SYLT, Germany, July 30 (UPI) -- German and U.S. finance leaders, Wolfgang Schauble and Timothy Geithner stressed a need for international cooperation after a meeting Monday.
In what appeared to be mostly an informational exchange, Finance Minister Schauble and Treasury Secretary Geithner met for an afternoon meeting on the island of Sylt, where Schauble was on vacation.
The two finance ministers used the "informal atmosphere for an open exchange of views on global, U.S. and European economies," the Treasury Department said in a statement.
"They emphasized the need for ongoing international cooperation and coordination to achieve sustainable public finances, reduce global macroeconomic imbalances, and restore growth," the department said.
The statement did not explain why the meeting was hastily arranged. The Treasury first announced the meeting on Friday.
Touching on a possible explanation, the statement said, "Secretary Geithner and Minister Schauble also took note of statements from European leaders last week to take whatever steps are necessary to safeguard financial stability in the Euro area."
On Thursday, European Central Bank President Mario Draghi said the ECB would do "whatever it takes to preserve the euro." That statement, which was circulated widely, triggered a two-day rebound in equity markets in Europe, the United States and Asia.
Geithner was scheduled to meet with Draghi in Frankfurt, Germany, after his meeting with Schauble.
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