- House has key role in reform agenda.
- Adoption of single advisory board very crucial
- Further weakness seen early 2013
- Gradual recovery seen later in 2013
- Yet to see sustained improvement in economy
- Exchange rate not policy target
- Banks less worried about funding
- External global pressures could dampen Euro recovery
- Inflation expected to decline below 2%
Nothing different, so far, to the ECB presser
- All previous decisions have stabilised price stability
- Low rates have hurt savers but stability is more important
- Should mon pol be used to protect against bubbles
- Interest rate should not be solely used for mon policy to counter imbalances
- Supervisory mechanism should be reported on later in 2013
- Wants to have it active in this parliament term
- Single resolution authority should compliment single advisory body.
- Adoption by June is important
- Should be financed by private sectors
- Independence important in the SRA
First part ended, questions now I think.
Questions coming in now from parliament members. Unfortunately they are coming in the dialect of the individual member without translation.
- Measures to boost bank capital are not up to the ECB
- Will keep thinking of ways to transmit mon pol
- Fiscal consolidation for countries with high debt unavoidable
- Fiscal consolidation should be country tailored
- G20 communique not that disappointing
- Exchange rate movements were as result of economic movements
- Cyprus plan will be agreed after their election
- Will not pre-judge outcome of Cyprus talks
- ESM a compliment to the EBA forming a single rule book
- Want to avoid dissorderly deleveraging of banks
- Didn’t want a fire sale of bad bank debt
Well, we came off 25 odd pips on talk of inflation and economic risks but nothing is new from the previous party line. I’ll keep half an ear on the rest of the meeting but I don’t think we’re in for anything juicy.
- Credit access for SME’s remains a challenge
