国际英语新闻：Geithner says international financial system must be reformed

WASHINGTON, Nov. 17 (Xinhua) -- U.S. Treasury Secretary Timothy Geithner said on Tuesday that the current international financial system must be reformed to address 21st century challenges.

"After the experiences of the Great Depression and World War II, the United States led in the creation of the international financial system that anchored prosperity and stability for more than 60 years," Geithner said in testimony prepared for the Senate Foreign Relations Committee.

    "Today, that system must be reformed to address 21st century challenges," he said. "The United States again faces an opportunity to help shape a system that ensures better economic potential for future generations in America and around the world."

Treasury Secretary Timothy Geithner speaks during a press conference in Washington Tuesday, Nov. 17, 2009

    He said that the current financial crisis clearly demonstrated the central role that the IMF plays in the global system as a crisis responder.

    "Looking ahead, the IMF will have a critical role in supporting balanced growth and financial stability," said the Treasury chief." What we ask of the IMF, and frankly what is needed, is candid, transparent, and independent surveillance to support this process."

    In order for the IMF to effectively carry out its post-crisis mandate and to continue to fulfill its role as a crisis responder, the IMF's governance structure needs to evolve to reflect the relative weights and changing dynamics of the world economy, according to Geithner.

    "This means giving greater representation to dynamic emerging market and developing countries that are now playing a greater role in the global economy and it also means preserving our strong leadership role in the Fund," he noted.

    In the testimony, Geithner also urged the world to rebalance the economy to achieve strong and sustainable growth.

    "The financial crisis showed clearly that previous global economic patterns were unsustainable," said Geithner. "To establish a more global foundation for growth and avert future crises of this nature, we must rebalance global demand."