"There's gathering strength across a broad spectrum of the

economy: housing, energy, autos, high tech, manufacturing and agriculture. US energy costs have fallen, and companies are once again looking to the US as the premiere destination for investment," the Treasury official said. "In Europe, we've seen the Central Bank and leaders join together in support of a strategy to ensure countries undertaking reforms retain access to market financing and assure banks have access to liquidity and hold credible capital," she said. "With the OMT and the ESM, European fiscal and monetary authorities have convinced markets of their commitment. Work is under way to move to common supervision of the largest banks," she said adding that over the medium term, the institutions of the euro area must be further refined to provide foundations for growth and resilience. In Japan, we're seeing a commitment to end deflation and reinvigorate growth. It will be important that structural reforms accompany macroeconomic policies to achieve these goals, she said.