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U.S. to push for global response to slowdown

U.S. to push for global response to slowdown (by Greg Robb)

WASHINGTON (MarketWatch) - The United States will begin pushing at the Group of Seven meeting of finance ministers and central bankers in Marseilles, France for a "global response" to the "global slowdown" in the pace of recovery, a senior Treasury official said Wednesday. The official, who spoke under the condition of anonymity, said that Europe's most important priority was to "decisively" address the financial and sovereign debt stresses. Japan could take steps to speed up reconstruction efforts following the March earthquake. At the same time, China should allow its currency to strengthen at a faster pace, the official said. For the U.S. part, President Barack Obama will put forward a pro-growth jobs plan on Thursday night, the official said. Some countries should consider slowing down austerity plans in the short-term, the official suggested, while others that can should boost spending, the official said. The G-7 meeting on Friday is the first of several global gatherings that will culminate in the G-20 leaders summit in early November.