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US says EU bank failure fund inadequate

Thursday, January 16 15:14:04

The United States is concerned that Europe is not moving decisively to heal its banks and that China will only slowly move toward a more market-based economy, U.S. Treasury Secretary Jack Lew said today.

Lew said a deal struck in Europe last month to create a fund over the coming decade for dealing with future bank failures was important, but inadequate.

"We don't think it's big enough. We don't think it's fast enough," Lew said at an event held by the Council on Foreign Relations.

Lew also said he does not have confidence over the time frame of China's plans to reduce the state's role in making economic decisions.

"I am pretty confident that they are intent on the path of economic reform," he said. "At the same time, I am not confident about the time frame or which targets of opportunity will be sequenced early in the queue." (Reuters)