Geithner Backs Merkel’s Crisis Plan With ‘Stronger Firewall’

U.S. Treasury Secretary Timothy F. Geithner backed a German-French push for closer economic cooperation in Europe, urging policy makers to work with central banks to erect a “stronger firewall” to end the debt crisis.

Geithner, speaking in Berlin today after talks with German Finance Minister Wolfgang Schaeuble, praised the commitment to reform programs put in place by new governments in Spain, Italy and Greece, saying that he is “very encouraged” by recent efforts to buttress the euro area. He welcomed “progress toward a fiscal compact for the euro zone,” echoing language used last week by European Central Bank President Mario Draghi.