• System exposed to new weakness
  • ECB always acted commensurate to situation’s gravity
  • Providing banks with liquidity “on generous terms”
  • Target is to achieve price stability
  • Bond buying decision question of circumstances
  • “No doubts” that markets are dysfuctional
  • ECB independence always applies
  • Italy “can2 and “must” save itself
  • Markets need to be convinced quickly
  • Taxing private wealth in Italy should be last resort
  • Emerging markets peg exchange rates at undervalued level
  • Emerging market pegs create unfair competition

Dow Jones reporting.