Market falls give mandate for action-U.S. Treasury
WASHINGTON, Oct 11 (Reuters) - Massive financial market selloffs in the past week reflect "enormous challenges" in the global economy and should prod leaders into action, a senior U.S. Treasury official said on Saturday.
"It gets everybody's attention and brings the leaders of the world together with a clear mandate to take urgent and decisive action," David McCormick, undersecretary for international affairs, told ABC's Good Morning America program in an interview.
McCormick declined to call the week's steepest fall on record a "crash", and said the U.S. government was taking action to deal with the crisis. (Reporting by David Lawder, editing by Mike Peacock)
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