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Thank you, Minister Schäuble, for hosting me here today and for your efforts and friendship as we continue to work together to encourage shared economic growth and stability.
This morning, Minister Schäuble and I focused our discussions on this period of change following the United Kingdom’s vote to leave the European Union, and I highlighted the importance the United States places on ensuring continued economic stability and advancing shared, global prosperity as the UK and EU work through this transition.
A result that produces a highly integrated relationship between the UK and EU is in the best interests of Europe, the United States, and the global economy. As we have seen in the past, such a relationship has and will remain vital to the Western alliance and will continue to help support global economic growth, stability, and security. I have said throughout my travel this week that it is critical that negotiations take place in a smooth, pragmatic, and transparent manner, with both sides demonstrating flexibility in order to produce an amicable and mutually-acceptable outcome. Throughout this process, we must maintain the strength and unity of the transatlantic community and alliance.
That is why we are committed to continuing to work together on the Transatlantic Trade and Investment Partnership to enhance trade, job creation and growth.
While financial markets experienced some volatility following the referendum, they have remained orderly and well-functioning in large measure due to the reforms put in place following the financial crisis. These reforms have made our economy and financial system safer, and more resilient, and better prepared to weather turbulent events.
The U.S. economy continues to perform in a stable, steady way despite headwinds from the global economy. Given global weakness, it is important that myself, Minister Schäuble, and our international colleagues use the upcoming G-20 Finance Ministers and Central Bank Governors meeting in Chengdu, China to continue to promote shared growth using all tools available – including monetary, fiscal and structural. Shared growth means ensuring that the benefits that flow from global economic integration also run to working and middle class families. While we focus on ensuring that all of our citizens share in the benefits of cooperation in the international economic system, we also need to do a better job of explaining why this cooperation is important to the lives of our citizens in terms of jobs, economic growth, and stability.
Given current weaknesses in the global economy, it is also important to maintain our focus on the recommitment made at the last G-20 to consult closely with one another on exchange rate policy, and to refrain from competitive devaluation.
Finally, I’d note that Minister Schäuble and I continued our discussion on the situation in Ukraine. I congratulated him on the EU’s successful rollover of its sectoral sanctions against Russia, and reaffirmed our shared view that full implementation of the Minsk agreements is critically important, as is the need for Ukraine to continue its economic reforms.
Thank you again, Minister Schäuble, for your time and hospitality today, and we look forward to taking a few questions.
