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Johannesburg - Christine Lagarde, International
Monetary Fund (IMF) managing director, on Friday welcomed the decision
of euro area ministers to strengthen the European firewall.
Eurozone finance ministers on Friday agreed to raise emergency funds to about EUR700 billion.
The euro group of finance ministers agreed at the meeting to stock the European Stability Mechanism up with EUR500 billion in fresh funds, which, added to the funds from the expiring European Financial Stability Facility, brings the total available emergency funds to about EUR700 billion, the Dow Jones Newswires reported.
Lagarde said that the IMF had long emphasised that enhanced European and global firewalls, together with the implementation of strong policy frameworks, were critical for ending the crisis and securing international financial stability.
The combination recent European efforts, Lagarde added, would strengthen the European firewall and support the IMF's efforts to increase its available resources for the benefit of all its members.
Eurozone finance ministers on Friday agreed to raise emergency funds to about EUR700 billion.
The euro group of finance ministers agreed at the meeting to stock the European Stability Mechanism up with EUR500 billion in fresh funds, which, added to the funds from the expiring European Financial Stability Facility, brings the total available emergency funds to about EUR700 billion, the Dow Jones Newswires reported.
Lagarde said that the IMF had long emphasised that enhanced European and global firewalls, together with the implementation of strong policy frameworks, were critical for ending the crisis and securing international financial stability.
The combination recent European efforts, Lagarde added, would strengthen the European firewall and support the IMF's efforts to increase its available resources for the benefit of all its members.
