Geithner, Bernanke to discuss European debt crisis with Congress

The discussion comes as global policymakers continue to try and get a grip on the crisis, which has threatened the economies of a number of European Union nations, as well as the stability of that intergovernmental relationship.

Last week, the International Monetary Fund (IMF) approved a $37 billion contribution to a $170 billion bailout package for Greece.

Treasury officials have repeatedly said they do not believe the United States needs to commit additional funds to assist ailing European nations.

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However, the Fed, concerned about what damage Europe's troubles could inflict on a fragile U.S. recovery, has taken some steps to boost its foreign counterparts. In November, the Fed joined with central banks worldwide in announcing it was cutting in half the interest rate premium it charges banks to borrow in dollars. While the move was global, it was clearly targeting struggling European banks, and the strategy has been met with some criticism from Republican lawmakers leery of the Fed's recent moves.

In its latest policy statement, the Federal Reserve noted that while troubles in global financial markets have "eased" recently, they still pose a significant threat to the U.S. recovery.