Speaking in Germany ahead of that summit, Timothy Geithner said change will take time, both in the United States and also on the continent.

 

"I am very encouraged by the developments in Europe over the past few weeks, including the reform commitments made by the new governments of Italy and Spain and Greece, and the new steps approved this week about progress towards a ‘fiscal compact’ for the eurozone. This, of course, will take time. It will take a very substantial commitment and a sustained commitment of political will."

 

Timothy Geithner there

 

Let's go to the markets.

 

The Dow Jones has closed 52 points higher on Wall Street. The NASDAQ lost six. The S&P 500 was up four points on close. And in London the FTSE closed one point higher.

 

Checking commodity prices. West Texas Crude is trading at 100 US dollars and 91 cents a barrel. Tapis crude’s at 117 US dollars and 61 cents a barrel. And gold’s at $1,723 US dollars and 70 cents an ounce. The Australian dollar is buying a dollar and two US cents, 76 euro cents and 65 pence sterling.