AUTOREFRESH 
ECB’s Mersch says the crisis is not yet behind us.
By Chris Wilkinson || September 25, 2009 at 08:23 GMT
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Mersch says that it is important to think about exit strategies now. Excess liquidity is spread unevenly between the banks. A worsening in credit cannot be ruled out if there is another worsening in the economy. The recovery next year will not be enough to make up for the rate of the decline. There is a risk that the crisis has lowered the potential for long term growth. The exit timing will take into account conditions in each sector and not just the economy as a whole.
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