HORSHAM, England, March 14 (UPI) -- U.S. Treasury Secretary Timothy Geithner emphasized the need for strong action after meeting Saturday with Group of 20 finance ministers in Britain.
"You are seeing the world move together at a speed and on a scale without precedent in modern times," Geithner said. "All the major economies are putting in place substantial fiscal packages. The stronger the response, the quicker recovery will come. That is why the United States has passed the largest, most comprehensive recovery package in decades."
The meeting at a resort in Horsham, 30 miles south of London, is to be followed April 2 by the G20 summit in London. The G20 includes the major economic powers in the Group of Eight plus rising economies like Brazil, China and India. Collectively, the G20 countries represent about 85 percent of the world's economy.
While there is a U.S.-European split on whether the emphasis should be on regulatory reform or on economic stimulus, Geithner said the two go together.
"We have a strong consensus on the need for both recovery and reform so that we never face a crisis like this again," he said.