• Economy weaker than we would like but picture not like summer 2008
• If needed, QE would work as yields at long end of market not historically low
• Banks in much better position than in 2008 to deal with turmoil
• Little Q2 growth in euro zone cause for concern, indicators do not point to revival
• Substantial further weakening of inflation pressures would make more stimulus appropriate
• Oil price drop since early August to knock 0.2% off CPI, reduce risks of second round effects