• Bond programme is designed to ensure effective monetary transmission mechanism
• Have not changed monetary policy stance as a result of bond purchase programme
• We said we would withdraw extra liquidity and this is working week after week
• We are inflexibly attached to price stability
• High o/n deposits illustrate market tensions
• Money market not functioning perfectly
• On bond purchase programme – we don’t give anymore information
• Asked if ECB considering additional liquidity measures -says to adopt fixed rate with full allotment in 3-month till Sept 2010. Decision on 3-month operations unanimous
• We are following very carefully what happens in central and Eastern European countries
• Euro is very credible currency. Has exceptional track record. Capacity to preserve value is a major asset
• Appropriate to continue to buy bonds