U.S. Treasury Secretary Timothy Geithner backed the Franco-German plan which involves putting tougher budget rules, where he urged European governments to work in coordination with central banks to resolve debt crisis.

Geithner said after talksin Germany,he would like toemphasize the importance of restoring stability in the euro area for the global economy, echoing the language used by ECB President Mario Draghi last week, where he welcomes all austerity plans announced by European governments in Spain, Italy and Greece.