• Market borrowing costs are falling
  • ECB measures avoided a “serious funding crisis”
  • Sees tentative signs of stabilization in EU economy, but also sees significant downside risks to economic outlook
  • Some interbank markets are re-opening
  • GCC countries are important partners for Europe
  • Won’t pre-commit to further rate cuts
  • Increasing IMF resources will benefit the world not just Europe
  • Sees very high demand for 2nd 3 yr loan, but may be lower than the 1st
  • Reasonably satisfied with 1st 3yr loan
  • Unaware of any successor plan to SMP, Bond purchases not eternal or infinite
  • ECB cares about financial stability and will do all in its power to ensure euro area stability