Europe, Japan Must Do More To Spur Global Growth, Treasury Says

Europe and Japan must take new steps to help the global economy, which continues to see faltering growth, said Nathan Sheets, U.S. Treasury undersecretary for international affairs on Wednesday. The European recovery remains "fragile and uneven," Sheets said in a speech prepared for delivery to the Brookings Institution. Countries in the region with large external surpluses and fiscal space must pursue "demand-boosting policies," he said. The Treasury official said it was time for "reinvigorated" economic policy in Japan, including structural reform.