Press Release No. 11/455

Press Release: Statement by IMF Managing Director Christine Lagarde on the Eurozone Leaders' Summit

December 9, 2011

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement in Brussels:

"As indicated by Presidents Van Rompuy and Barroso in their briefing earlier today, the decisions taken today by European Leaders at their summit meeting are an important contribution to helping address the crisis facing the euro zone and strengthening the global economic recovery.

I welcome in particular the progress made in three critical areas:

First, the agreement reached to enhance fiscal discipline and strengthen economic policy coordination in the euro zone.

Second, the decision to accelerate the entry into force of the European Stability Mechanism (ESM) treaty, which will help bolster the firewall against financial contagion.

Third, the commitment by EU member states to provide additional resources to the IMF of up to 200 billion euros (about 270 billion US dollar). These resources will enhance the IMF's capacity to fulfill its systemic responsibilities in support of its global membership--which is especially important given the ongoing economic slowdown and financial market tensions.

I appreciate this demonstration of leadership from Europe, and I am hopeful that others will also do their part."