• Past failures that led to crisis cannot be compensated for by overreacting
• ECB firmly committed to maintaining price stability
• Present monetary policy stance remains appropriate (i was very surprised to hear all the cobblers re an ECB rate cut while I was away. Funny old world)
• True recovery will begin when euro governments meet fiscal targets, accelerate consolidation
• Important that government debt crisis does not trigger new recession
• Growth of government debt is clear across all developed economies, not just Europe
• If government debt rises too quickly, it poses threat of inflation