This is interesting, while the United States wants to pour money onto the economy (ahem, financial institutions), Europe wants to start global financial regulatory reform first.
Via the New York Times:
The major European nations, divided among themselves over the wisdom of taking on more debt to combat the global downturn, remain more interested in focusing on a new approach to financial regulation, the issue that they say sits at the heart of the crisis.
At its simplest, this is a philosophical divide about the European preference for more control over markets, even to the point of creating international regulators who can reach across national borders, and an American fear of gradually diminishing sovereignty over its own institutions.
While I can understand the issue of sovereignty, I cannot understand why the United States would want to delay regulatory reform. It's quite clear the derivatives market, the shadow banking system caused this crisis so why not stem the source of the trouble immediately?