Large reserves sign of progress, but also of how much more needs to be done

By Rex Nutting, MarketWatch

WASHINGTON (MarketWatch) -- Emerging market economies have made a lot of progress since the financial crisis of 1998, but have a lot more work to do before they are fully integrated into the global economy, said Tim Geithner, president of the New York Federal Reserve Bank.

Speaking at the Nitze School at Johns Hopkins University, Geithner said the large accumulations of current account surpluses and large currency reserves have contributed to financial stability and make a repeat of the disaster of 1997 and 1998 much less likely.

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Posted by pichu at October 4, 2006 4:40 PM