• 2012 was the year of the Euro relaunch
  • LTRO’s help avoid a credit crunch
  • OMT has been very helpful in removing risk to the euro
  • Still need to see further improvements in the economy
  • Too soon to declare satisfaction, the Jury’s still out
  • Most important objective for this year is to overcome fragmentation in financial markets
  • Markets have a new sense of relative tranquility
  • Sees economic recovery later this year, curerently stabilizing at a very low level
  • Inflation expectations are solidly anchored
  • 2013 is the time to put plans into action
  • ECB policy accomodation will help, OMT will remain in place as long as needed

Bloomberg/Reuters reporting