• Price developments have to be monitored very closely
• Inflationary pressures over medium term expected to remain contained, in line with price stability
• Economic outlook for Germany, euro zone in general has brightened
• Euro zone growth risks still slightly tilted to downside, but recovery should continue
• Recent rise in inflation largely due to short-term upward price pressure, mainly in energy prices
• Current ECB interest rates still remain appropriate
• Financial and economic crisis is not over yet
• Current third phase of crisis has so far not impacted significantly euro zone economic developments, financial markets have continued to recover
• Euro zone sovereign debt crisis poses serious challenge to euro zone as whole