4/21/2012
Statement by Secretary Tim Geithner at the International Monetary and Financial Committee (IMFC) Meeting
After a renewed period of stress in the global economy, the outlook has improved and some progress is being made to reduce global imbalances. But the recovery remains fragile, with continued risks from the euro area and higher oil prices. The United States economy continues to gather strength despite adverse shocks from the crisis in Europe, last year’s supply chain disruptions, increases in oil and gasoline prices, and slower growth in some emerging markets.
U.S. growth has averaged about 2 1/2 percent since the recovery began, and the economy has added private sector jobs for 25 straight months, totaling 4.1 million jobs over the period. The balance sheet of the business sector is stronger, and the economy as a whole is more productive than before the crisis. We have made significant progress in reducing the excesses and imbalances that helped cause the crisis. Household debt to income has come down significantly from pre-crisis levels, and U.S. financial sector debt has dropped by more than $3 trillion since the crisis began. Reflecting early action on repair and reform, U.S. banks are strongly capitalized relative to their peers, improving confidence in our financial sector and allowing for an expansion in credit to the private sector ...
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