- We ensure price stability in either direction
- Downside risks to economic outlook have increased (point two)
- ECB temporary measures only limited (point three)
EUR/USD marked lower on points two and three, presently at 1.3425.
- ECB aware of continuing difficulties on banks
- Aware of maturity mismatches, stresses on bank funding
- We are at difficult stage at present
- Changes in strained countries have not yet had impact on fragility of financial markets
- Credible signal needed to give ultimate assurance over the short-term
- Need comprehensive deepening of fiscal integration, far reaching treaty changes should not be disregarded
- Should keep options open on legal moves on economic governance
- Time to adapt euro area design with set of institutions suitable for situation
Reuters reporting.
