Fed
Federal Reserve Bank of New York President Timothy Geithner said no country can cope with world financial crises alone and regulators will have to find ways to work together on an ongoing basis.
“Markets are so integrated that solutions can't be implemented by individual countries,'' Geithner said at a news conference in Jerusalem today. “It's something we have to do together.''
Geithner, with Fed Chairman Ben S. Bernanke, orchestrated the March rescue of Bear Stearns Cos. from bankruptcy and opened lending to Wall Street securities firms to prevent a financial- market meltdown. Bernanke and other Fed officials have said that the turmoil, triggered by the U.S http://abc-cashadvance.com. housing slump, has since eased, though markets have yet to return to “normal.''
European Central Bank President Jean-Claude Trichet, speaking at the same news conference as Geithner, said the market “correction'' is ongoing. They were attending an event in Jerusalem hosted by the Group of 30, a private group mainly of current and former central bankers.
Regulators need to find a “better balance'' between supervision and relying on market discipline, Geithner said.
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