• Not involved in PSI, by definition it involves the private sector (Constancio comments)
• Job creation should be one of main objectives for economic policies in euro zone
• Expanding collateral eligibility rules expanded potential risks ECB is taking on balance sheet; ECB has strong risk management practices; making a substantial contribution to the real economy as a result of expanded collateral
• Expects substantial demand in second 3-year LTRO tender
• PSI had serious unintended consequences resulting in EU leaders vowing never to undertake PSI again
• We don’t want any PSI in the future
• Collateral rules being changed ahead of next 3-yr LTRO in February