Jack Lew Does Not Convince Europeans
Europe-United States or the differences over the economic recovery… United States Secretary of the Treasury, Jack Lew, completed his European tour on Tuesday, April 9. But he failed to convince the leaders of the Old Continent to focus on growth. A report by Jean Bernard Cadier at France’s BFMTV.
Was the U.S. Treasury Secretary’s Euro trip all for nothing? On Tuesday, April 9, Jack Lew was in Berlin and in Paris. In Germany in particular, the disagreement with his counterpart, Wolfgang Schäuble, was evident, especially when Lew stated that the countries that were in a position to do so were expected to participate in the revival of consumption in Europe.
In the Treasury Secretary’s immediate entourage, this European tour is considered a failure. In their opinion, the gap between the American and European perception of what needs to be done has widened. Jack Lew came to Europe to preach the recovery, but his views have not been heard. Most importantly, they were ignored by the leaders with whom he was most in tune.
Paris Is Closer to Washington than Berlin
The American press has noted that Pierre Moscovici was much closer to the positions of Washington, but the events in Berlin cast a chill on the American side.
When Jack Lew explains the need for those who can carry out more favorable policies to boost consumption, Wolfgang Schäuble’s response is: “We are on the right track.” In other words: we will not alter course.
Americans usually walk on eggshells when they come to Europe. Former Treasury Secretary, Tim Geithner, was always afraid to be reminded that the financial crisis was very much an American problem as well.
As far as Jack Lew is concerned, he stressed, without complex, that the reason why the United States shows more growth is due to a restored order in its financial system and a stimulus policy that Europe could use as a model. But that type of talk did not really convince.