Geithner - "carefully designed global approach" to financial reform

[WhiskeyGirl]

LONDON/ROME - U.S. Treasury Secretary Timothy Geithner, in an apparent criticism of Germany, called for a "carefully designed global approach" to financial reform on Wednesday as he arrived in Europe for talks on a euro zone debt crisis that is shaking world markets.

"I'm going to meet the new UK government to prepare for the next stage of global financial reform -- on the heels of what we expect to be a quick passage of U.S. reforms -- to emphasize the importance of a carefully designed global approach, and to discuss developments in Europe," Geithner told reporters aboard an overnight flight from China.

A senior U.S. Treasury official said Washington was unhappy with Berlin's "counter-productive" decision to go it alone in banning naked shorting of shares in top financial companies and sovereign euro bonds and related transactions in sovereign credit default swaps.

Geithner has also criticized European Union proposals to regulate hedge funds and private equity, warning that they could discriminate against non-European funds.

Read more: http://www.montrealgazette.com/business/Geithner+calls+carefully+designed+global+approach+financial+reform/3072500/story.html#ixzz0p2csg06r