Treasury Secretary Timothy Geithner listens to a question during a briefing at the White House in Washington. -- PHOTO: AP
WASHINGTON (AFP) - United States Treasury Secretary Timothy Geithner said on Saturday the European Central Bank was doing the job of Europe's leaders and warned markets were outpacing their reaction to the euro zone crisis.
He praised the ECB for firm action in wrestling with the euro zone's snowballing debt and deficit problems, 'substituting for the actions of government.'
'All of us who look at Europe going through this have to have admiration for what they are trying to do and recognise the difficulty of it,' Mr Geithner told the BBC in an interview to be broadcast early on Saturday, excerpts of which were provided by the Treasury.
However, he added, 'markets are moving much more quickly than they are moving, and these things have the classic dynamic that the longer you wait, the harder it is to solve.'