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IMF Managing Director Christine Lagarde has praised the new deal to create an EU banking supervisor. During a press conference in Santiago, Chile, she said the plans were headed in the right direction.

Lagarde said, "There has been very significant progress made yesterday about the European supervisor and I can only welcome the agreement that has been reached between the partners to set a timeline to agree on thresholds and to make progress on that journey towards a banking union. We regard this as one of the three pillars to reinforce the Eurozone."