• Need for intervention is widely recognised, but within ECB council there is still scepticism over bond buying
• Alternatives cover whole monetary policy spectrum
• ECB has taken clear steps in last months in cutting rates and boosting liquidity, now we need to see the effects before deciding on further steps
• The ECB always states “We never precommit” but at moment there are no concrete plans
• We need to consider whether a triple A rating is necessary for the ESM
• Asked on QE, says ECB has responsibility to guard against price stability threats from both directions and to use appropriate instruments