• Best contribution ECB can make is stable prices
  • ECB’s primary goal is stable prices
  • Financial stability is secondary ECB goal
  • Signs of stabilization in debt markets
  • Economic activity to recover gradually
  • Inflation remains in check
  • Inflation to drop below 2% next year
  • Sees downside risks for economy (me too)
  • 3 year loans alleviated deleveraging pressures
  • Remains to be seen if loans flow through to economy
  • Loans didn’t solve problems, only bought time
  • Now up to governments to do their part
  • ECB remains fully faithful to its’ mandate
  • ECB will act when needed
  • ECB non-standard measures temporary
  • ECB raised rates last year when economy improved

Bloomberg reporting.