Monday, September 14, 2009

The United States announced the start of "next phase" of overcoming the financial crisis

President Barack Obama delivered a speech on Monday, marking the first anniversary of the beginning of the acute phase of the crisis, reaffirming the determination of the Administration to continue financial sector reform, despite opposition from some banks and congressmen.

According to The Wall Street Journal, the president also announced plans of the administration to curtail state involvement in the financial sector, sharply increased as a result of anti-crisis measures.

The same day the Ministry of Finance will publish a document entitled "The next phase," consisting of 33 pages of graphs.

"We are moving from saving our financial system to the period of stabilization, rehabilitation, reconstruction," - the document says.

The document does not set out new initiatives, but also describes ways to phase out measures to support financial markets.

"While we turn off the emergency support program, which is no longer necessary, much of the financial system remains weak, - the document says. - It is reasonable to maintain the right to address unforeseen problems."

In connection with the one-year anniversary of the collapse of Lehman Brothers, shocked world markets, U.S. Treasury Secretary Timothy Geithner told the Financial Times, that the ability of authorities to combat the crisis has affected a year ago, the lack of relevant instruments under the law. According to him, until a new legislative mechanism needed for this, still not established.

The U.S. administration intends to achieve the adoption of laws that give the administration the opportunity to take the necessary measures to prevent the development of crises. The question of a unified approach leading world powers to regulate financial markets will also be discussed at the upcoming G20 summit in Pittsburgh.

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