Geithner: G-20 unlikely to endorse bank tax

Geithner said meetings this week will be a precursor to summits in Toronto later this month and in Seoul in November.

“You should look at the meeting ahead as preparatory for those meetings,” he said.

The summits in Toronto and Seoul are expected to focus on accelerating financial reform. Geithner mentioned three areas of particular importance to the G-20: fuller transparency and disclosure, creating a framework for the derivatives market, and establishing capital requirements that make lending institutions less vulnerable to debt.

Geithner said there is broad agreement among the G-20 ministers for finanical reform, but stressed that each country would take its own path in getting there.