Treasury’s Brainard Says Europe Has Tools to Help Spain

The U.S. Treasury’s top international official said Europe has put in place the “tools” to help Spain borrow at affordable interest rates.

“They’ve made a series of very important commitments,” Lael Brainard, the Treasury’s undersecretary for international affairs, said today in an interview with CNBC. “They have a set of tools that can help governments like Spain continue to access the markets at affordable rates while they continue making these very challenging reforms.” She said Spain’s leaders have shown “political will.”

Brainard also said the U.S. has “seen results” from its relationship with China, including strengthening of the Chinese currency. President Barack Obama’s “strategy of engagement” has helped boost U.S. exports to China, she told CNBC.

To contact the reporter on this story: Ian Katz in Washington at ikatz2@bloomberg.net

To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net