Geithner at G-20: Fiscal Cooperation Strongest Since WWII

As leaders from around the globe congregate in London this week to address the financial crisis, Treasury Secretary Timothy Geithner said any differences between the United States and other major countries are "dramatically exaggerated," with world cooperation at its highest levels since World War II.

Geithner downplayed reports of bickering among America's allies that included the Czech president's claiming that the U.S. rescue plan was a "road to hell" and French President Nicolas Sarkozy's threatening to walk out of the summit if President Obama doesn't agree to his demands for tougher controls for corporate giants.

VIDEO: Geithner on the global economy
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Watch "World News With Charles Gibson" Tonight at 6:30 p.m. ET for the full interview.

The allies have also resisted America's suggestions that the Europeans spend more to bail out their economies.

Geithner said the "scale of commitments" made by various governments to restore fiscal health is "very very powerful."

"Each of our actions are going to be more powerful if we're moving together," Geithner said.

"I think the world is with the president on this," he added. "I think there is very broad support for it. I think the differences you've seen are dramatically exaggerated. … I think this is the strongest moment of cooperation globally you've seen since the Second World War."

VIDEO: Geithner Defends Standard for Auto Industry
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In the days and weeks before the G-20, some European countries had challenged Obama's push for sustained stimulus measures, with the Czech Republic's Prime Minister Mirek Topolanek calling the American financial rescue plan "a road to hell."

But today, Geithner said there was "very, very broad support" for the administration's agenda, citing examples of other countries already moving forward with stimulus programs.

"Look at the actions we're already taking," Geithner said. "Again, in Germany, in France, across continental Europe, in Japan, in China, India, very, very strong stimulus already."

Even though these countries' stimulus plans pale in comparison to the United States' $787 billion package, Geithner cautioned that all efforts must be viewed in the context of the size of a country's overall economy.

"You want to look against the relative size of their economy," he suggested. "You look in the context of their existing programs in place for unemployment insurance, how those actually work. If you add them together, there is more policy support for growth in the pipeline now getting traction than you have seen in decades."

'Strong Support' for Regulatory Reform

There is also broad international agreement, Geithner said, for financial regulatory reform and an avoidance of protectionist policies.

"We're going to see very strong support around that table tomorrow, in the next two days, very strong support around the world, to put in place the kind of reforms around the overall international financial system that will deliver a more stable, more sustainable, more balanced growth for the world economy, so that's the most important thing. Countries share that basic objective," he said.

Asked about protectionist measures adopted by certain countries, Geithner downplayed it, saying, "There's always a few exceptions to these kind of things, but the commitment is very strong."

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