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US presses for more growth in Europe

US presses for more growth in Europe
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US Treasury Secretary Jack Lew is on his first official trip to Europe, discussing ways European economies can stimulate growth.

Lew came with the message that Washington would welcome more growth and less austerity to boost European and world economic fortunes.

Lew’s first meeting was with Olli Rehn, Vice-President of the European Commission in charge of Economic and Monetary Affairs and the euro.

The main issues under discussion are how to impose austerity measures on bailed out countries like Greece, Portugal, Ireland and now Cyprus, and how to regain competitiveness in the eurozone.

Ater speaking with European Council leader Herman Van Rompuy Lew said the US has a major stake in Europe’s health and stability.

Lew will not meet French Finance Minister Pierre Moscovici who canceled because he has to focus on political scandals at home.

The American and his European counterparts have common ground as their respective economic problems are partly home-grown.

In the United States they have been made worse by a political impasse, while in Europe political impotence has been a big factor.