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German Finance Minister Wolfgang Schaeuble and his U.S. counterpart Jack Lew played down their different views on austerity on Tuesday while emphasizing shared commitment to growth and fiscal discipline.
After his first meeting with Schaeuble during a European trip, the U.S. treasury secretary told a joint news conference that he "would emphasize where we agree as a starting point," praising Germany's efforts toward achieving eurozone stability.
"As we continue to address many of our long-term challenges, our economy's strength remains sensitive to events beyond our shores. We have an immense stake in a prosperous Europe," he said.
However, Lew subtly expressed Washington's hope to see more emphasis on growth-friendly policies while Germany champions tough austerity measures as a response to eurozone debt crisis, saying that "policies to help to encourage consumer demand in countries that have the capacity would be helpful."
Meanwhile, Schaeuble reiterated Berlin's position that financial policy consolidation and growth do not go against each other and orderly public finances are key to generating long-term growth.
The U.S. treasury secretary has visited the European Union's headquarters in Brussels and the European Central Bank in Frankfurt during his European tour, which will also take him to France later Tuesday.
