Tim Geithner, US Treasury secretary, yesterday urged the world's biggest industrialised countries to commit 2 per cent of their total gross domestic product during the next two years in a co- ordinated effort to stimulate the global economy.
Mr Geithner said the International Monetary Fund should oversee the stimulus programme and increase its own capacity by $500bn to help restore growth in emerging markets.
“Forceful financial sector actions are critical to rebuild confidence, restore market functioning, get credit flowing and bring stability to the global financial system,” Mr Geithner said.
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