• Particularly high uncertainty
  • Downside risks intensifying
  • Financing conditions have tightened
  • Very thorough analysis of of incoming data is warranted
  • ECB will provide banks liquidity with full allotment
  • Growth very moderate in H2 of 2011
  • Stock volatility, sovereign debt markets a drag
  • Risk to the euro area economy are on the downside
  • Staff cut economic growth estimates for 2011 and 2012