US Needs to Embrace New Global Economic Players - Treasury

WASHINGTON (Sputnik) — The Treasury secretary added that the global economic landscape of the next century will significantly differ from the post-World War II era. Lew noted that the United States should continue to lead efforts to reform the international financial regulatory system, which would allow preventing a new financial crisis.

"We need to embrace new players on the global economic stage and make sure they meet the standards of the system we created, and that we have a strong say in any new standards," Lew stated at the Council on Foreign Relations.

"The worst possible outcome would be to step away from our [US] leadership role and let others fill in behind us," he added.

The secretary argued that the United States and China, as world’s two largest economies, should cooperate to advance "shared prosperity" and sustain global economic order.

On April 5, International Monetary Fund (IMF) Managing Director Christine Lagarde said the global financial stability risks have increased amid recent market turmoil exacerbated by the slowdown in the Chinese economy and lower commodity prices.