• “Very much worried” about German inflation, ECB must act
• German inflation won’t be much of a problem if ECB increases interest rates by 0.5-0.75% this year
• Decision last week gave Greece breather, but it will not get through crisis without deeper debt restructuring
• Japan crisis won’t impact energy prices much but oil price will remain high due to conflict in Africa, Middle East
• Forecast for 2.5% economic growth for Germany in 2011 is “on safe side”