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Publish Date : 17-Dec-2012

The head of the International Monetary Fund on Thursday welcomed a landmark deal that gives the European Central Bank new powers to supervise banks, saying progress had been made in the aim of reinforcing the region\'s banking union pillar.

The European governments\' deal boosted confidence in the single currency bloc as it enters the fourth year of its debt crisis.

\"On the European banking union. There has been very significant progress made yesterday about the European supervisor. And I can only welcome the agreement that has been reached,\" Lagarde said during a press conference in Chile, flanked by the country\'s Finance Minister and central bank chief.

\"We regard this as one of the three pillars to reinforce the euro zone: the currency pillar, the banking union pillar and the fiscal union pillar. On the banking union pillar clearly progress has been made yesterday and we salute it,\" she added.

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