• Some steps are needed in EFSF
• ECB can act within the treaty (hurry up then!!!)
• The ECB should not do things that are not in EU treaty
• Now, most important thing for ECB to repair credit channel
• We have to make sure credit channel will start to work again
• We have seen serious credit tightening in recen period
• Combo of credit tightening and deterioration of business cycle does not bode well at all
• SMP used to repair monetary policy transmission channel, not to finance govts
• SMP is temporary, limited
• SMP not infinite