U.S. says Europe must do more to stem crisis

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U.S. says Europe must do more to stem crisis
WASHINGTON (MarketWatch) - Europe must do more to ease the sovereign debt crisis, but the U.S. has confidence the region's leaders will succeed, a senior Treasury Department official said Wednesday. "To date, Europe has substantially escalated the response, but more is needed," the official said at a briefing. The official denied that the Obama administration is disappointed with the pace of Europe's efforts. "I think the Europeans are considering a number of proposals" that would ensure they have the financial firepower to solve the crisis, the official said. The discussions at the Group of 20 meetings on Thursday and Friday and the broader International Monetary Fund gathering this weekend will help shape Europe's response, the official said. The official downplayed the likelihood that disputes will arise about the pace of austerity plans among the different countries. "I don't expect differences over fiscal policies to be a centerpiece of the discussions," the official said.