• Essential now to avoid second-round effects from oil prices, particularly wage price spiral
• “Quite possible” food price increases will continue for a while longer
• ECB has not flooded economy with money, never lost sight of mandate when adopting non-standard measures
• German recovery remarkable but still to be fully confirmed; too early to declare crisis over
• When a country experiences a boom it needs own policies to avoid economy overheating
• ECB raised rates in past despite criticism
• ECB has to concern itself with inflation in euro zone as a whole