It is important for Europe to put its backstopping plan into action, Geithner says from London. The plan has the right elements, but the markets want to see action, he says.
So far, austerity plans have unfolded as required, so it is not clear what further action he’d like to see. A stress-test for the banks perhaps?
UK Chancellor Osborne says that it is good to see others in Europe agree on a bank levy and that the proceeds should be used for general purposes. Geithner is mortally opposed to the bank tax, so the choice of topic by Osbourne in interesting…