Jan 18 The U.S. economic recovery is entering
the home strait, though unemployment is still very high and may
only come down gradually, outgoing U.S. Treasury Secretary
Timothy Geithner said.
"I think in the recovery, if you do basketball, we're in the
early part of the fourth quarter," Geithner said in an interview
with the Wall Street Journal.
The United States was further advanced than other countries
in balancing debt against income and cutting leverage risk in
the financial system, and "we are through the big adjustment in
housing," he said.
Europe's recovery was at a much earlier stage, but the
continent had "done this really important thing, which is to
successfully, at least for now, take out of the markets the risk
of some catastrophic collapse."
Last summer, the European Central Bank pledged to do
everything necessary to protect the euro, later backing that
pledge with a programme to buy bonds if a country needed it
after applying for a bailout.
Geithner steps down from his post on Jan 25. President
Barack Obama has nominated White House chief of staff Jack Lew
to succeed him.