Eurozone Making Progress, but it Needs a Stronger Firewall: IMF's Lagarde

Europeans are making progress in overcoming the Eurozone crisis, but they need to do more to bolster their financial firewall, International Monetary Fund Managing Director Christine Lagarde said on Saturday, adding that the IMF is ready to help.

There is work under way. There is progress as we see it, Lagarde said at a panel discussion at the World Economic Forum.

But it is critical that the Eurozone members actually develop a clear, simple firewall that can operate both to limit the contagion and to provide this sort of act of trust in the Eurozone so that the financing needs of that zone can actually be met.

Lagarde, who made a strong plea in Berlin on Monday for a bigger firewall, added there would be need for IMF funds to help the Eurozone.

(Reporting by Paul Carrel, Emma Thomasson)