- Discussed general monetary policy stance, which is accommodation
- Repeats inflation risks are broadly balanced
- Spain has made very serious effort at policy reform in very short time; LTROs successful in avoiding credit crunch will need time to see money propagate to real economy
- Have avoided major credit crunch
- Significant progress on fiscal front
- No contradiction between growth and fiscal compact
No sounding less likely to cut, saying LTRO needs time to work its way through the system…
