• Incoming ECB president ought not to be in the same mode as the present one
• Have agreed on toolkit of measures that ought to be taken to monitor use of ECB facilities
• Renewed recession in Europe is an “extremely low probability”
• Doing final checks on toolkit to deal with ECB funding-reliant banks
• Even if energy prices coming down now, far from certain what the direction will be in the near future
• We still are in the of negative real interest rates