European Commission President Jose Manuel Barroso, in 2009. (Sebastian Derungs/Creative Commons)

CNN reported the statement came after a two-day meeting in Paris. Officials should be moving toward "a comprehensive plan to secure the banking system and resolve Europe's long-standing sovereign debt problems."

According to CNN.com:

"We heard encouraging things from our European colleagues in Paris about a new comprehensive plan to deal with the crisis on the continent," said U.S. Treasury Secretary Tim Geithner in a statement.

Geithner added that European leaders "clearly have more work to do on the strategy and the details."

But he sounded optimistic about the support the plan has received from Europe's two largest economies. "When France and Germany agree on a plan together and decide to act, big things are possible," he said.

European Commission President Jose Manuel Barroso outlined the plan last week. It will be reviewed in further detail Oct. 23 during a European Council Meeting in Brussels.

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