- Liquidity withdrawal will not be abrupt
- In December, we will offer unlimited liquidity for 12 months at 1%
- Continuing 12-month tenders after December depends on economic situation
- Cannot exclude risk of lost decade of economic growth in Europe
- FX rates risk to economic development, especially from Asian currencies
- Important to break fx rate distortions, Trichet and Almunia will talk about that in China
- No problems with development of inflation
ECB not going to tighten anytime soon. Comments will have weighed a little on EUR/USD.