By Brian Love
PARIS, May 28 (Reuters) – Finance chiefs of the world’s leading economies, meeting next week, are likely to deliver a strong endorsement of Europe’s efforts to resolve its debt crisis but announce no fresh policies to help it do so.
After several months in which Washington, Beijing and other governments pressed Europe to act more decisively in tackling the crisis, global policy makers now appear to feel a strategy with a reasonable chance of success is in place, and that it should be given time to work.
So finance ministers and central bank chiefs of the Group of Twenty nations, meeting in South Korea on June 4 and 5, are likely to praise Europe and present a united front on the crisis, hoping to reassure financial markets.
U.S. Treasury Secretary Timothy Geithner said in London on Wednesday that European governments had put together a “very strong programme of reforms on the fiscal side and a very strong commitment on the financial side”, adding that implementing the plans was now key.
An official of a G20 government involved in preparing for the meeting said he did not think Europe or the G20 would announce any further policies for now, since steps to handle the crisis had just been revealed and were being carried out.