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Strategic Objective
Protect global economic and financial stability and press for market-determined exchange rates
Strategic Objective
Overview
Treasury maintains close dialogues with its bilateral and multilateral counterparts to monitor and respond to evolving risks in the global economic and financial systems and to promote policies conducive to domestic growth. Acting primarily through the FSB and at the G-20, Treasury encourages other countries to implement financial sector reforms consistent with the Dodd-Frank Act, to decrease the risk of regulatory arbitrage to the global financial system as well as avoid a comparatively heightened regulatory burden for U.S. firms. Treasury also works with international partners and through the International Monetary Fund (IMF) to press for market-determined exchange rates—the price at which one country’s currency can be exchanged for another’s absent intervention by a government to influence the price of its currency—to prevent destabilizing effects on economies such as competitive devaluations of currencies.
Finally, Treasury works to implement economic policies consistent with the overarching goal of strong, sustainable, and balanced global growth. Our efforts toward this overarching goal include working to rebalance global demand so that economies that have been heavily reliant on export-oriented growth generate more domestic demand-led growth, making them less dependent on the United States as an export market.
Read Less...Progress Update
Treasury protects and supports American economic prosperity by strengthening the external environment for U.S. growth, preventing and mitigating global financial instability, and managing key global challenges. New commitments secured from China at the June 2015 Strategic and Economic Dialogue (S&ED) will lead to implementation of economic reforms and pro-market policies that will create new opportunities and a more level playing field for U.S. workers and firms. They also included commitments from China on the negotiation of international export credit disciplines, exchange rate policy and transparency, market access for U.S. high-technology goods and services, and expanded participation in China’s markets by U.S. financial services providers. Further commitments were secured during the September 2015 State Visit of China’s president in the areas of development finance and foreign investment policy. These commitments will serve to protect global economic and financial stability.
Additionally, Treasury continued efforts with European counterparts to encourage institutional development in the euro area and remained engaged with the International Monetary Fund (IMF) to monitor progress toward economic stabilization in vulnerable countries like Ukraine and Greece. In May 2015, the U.S. Agency for International Development (USAID) and the Hashemite Kingdom of Jordan (Jordan) signed a third sovereign loan guarantee agreement that will help Jordan continue to provide critical services to its citizens and support specific economic reforms to promote economic stability and growth. These guarantees, which Treasury helped to design, have proven successful in supporting Jordan’s reform efforts during a time of regional instability.
