This is a bright opportunity in the economic relationship.

It's our job here at Treasury to be a sober voice of reason. Our job here is to promote free trade and capital flows and open markets.

We're going to give them the benefit of the doubt that they will do what they say they are going to do. We would just urge them to undertake a quicker pace of reform.

What we tried to do is take a quantum leap in sophistication and scope. It gives you a picture of the truly complex nature of what we are trying to do.

I expect ministers and governors will discuss steps taken to address supply and efficiency issues, as well as technical measures such as the improvement of data availability.

We want to be sure that the way we address the imbalances maximizes growth. It's a shared responsibility.