“This crisis has been brutal in the extent and severity of damage to economies around the world,” Geithner said in a speech today in Jeddah, Saudi Arabia. “Given the extent of damage to financial systems, the loss of wealth, the necessary adjustments to a long period of excessive borrowing around the world, it seems realistic to expect a gradual recovery, with more than the usual ups and downs and temporary reversals.”
“Given the dollar’s role in the international financial system and the significant impact of the U.S. economy on global economic conditions, we fully recognize that the United States has a special responsibility to play,” Geithner said.
“The policies of the United States are designed to lay the conditions for a strong dollar and more stability in the international monetary system,” he added during the question and answer session.
-Bloomberg
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