• Thorough analysis pf incoming data is warranted
  • Signs of tentative stabilization
  • LTRO is supporting the banks, but remain temporary in nature
  • Financial market tensions dampening growth
  • Expect very gradual recovery this year
  • Very substantial downside risks from sovereign debt crisis
  • Inflation rates elevated, likely to stay above 2% for several months before falling below 2%
  • Growth and wage pressures modest; main downside risk: European and global growth
  • Credit supply holding up, through November; bears close scrutiny