• ECB has taken decisive action in maintaining price stability
• Sees the eurozone inflation expectations stabilizing after LTO’s
• ECB can withdraw special monetary measures at any time, using liquidity- absorbing instruments
• ESM must be in place by July 1
• Debate between budget consolidation and growth is wrong. ..Both are needed
• Extra growth pact should include reforms of goods markets, financing and labour
• Financing could come from ‘EIB project bonds’