• Economic outlook weak but no substantial change in medium-term price stability outlook
  • Improvement in financial markets, including stocks, since OMT announcement
  • No conflict of interest in G30 membership; Trichet, King, Zhou, Shirakawa all members; ECB ombudsman determined no conflict
  • ECB liquidity did not reach real economy; LTRO addressed funding needs but risk perception remains
  • Accommodative monetary policy will find its way to the economy