U.S. Treasury Official – Reuters

ATHENS (Reuters) – A senior U.S. Treasury official stated that the Group of 20 finance officials do not need to implement the same extensive coordinated fiscal stimulus measures as during the 2008-2009 recession, despite the potential challenges arising from Britain’s departure from the European Union.

“I don’t believe this is a moment that demands the level of coordinated action we saw during the Great Recession in 2008 and 2009,” the official expressed to reporters in Athens. “This is really a time for caution. Each of us must do what we can to strengthen weak growth and enhance medium and long-term prospects.”

The official noted that the prior divide within the G20, with some countries advocating for austerity and others pushing for growth, has shifted in favor of growth-oriented policies.

Additionally, the Treasury is emphasizing the importance of ensuring that economic growth is equitably shared among the middle class during the G20 discussions.