Consequences of Europe delay growing, official (by Greg Robb)

WASHINGTON (MarketWatch) - Treasury Secretary Timothy Geithner will "intensify" his call for Europe to take "resolute action" to restore financial stability in Europe during the Group of 20 meeting of finance ministers and central bankers in Paris on Saturday, said Lael Brainard, Treasury's undersecretary for international affairs, on Wednesday. Europe represents the most serious risk to the global outlook and the U.S. wants a robust discussion of European plans, Brainard said at a briefing. Brainard said that the consequences of delay in Europe are growing. She noted that Europe was moving to put in place a powerful backstop to ensure countries have access to affordable financing as they bring down their debt. She said Europe was also moving to make sure the region's banks have adequate capital. Europe must also "chart a sustainable path forward for Greece," Brainard said. On Sunday, German Chancellor Angela Merkel and French President Nicolas Sarkozy agreed on the need to strengthen European banks and announced that a package of measures would be revealed by the end of October.