• Middle Eastern developments are disturbing
• Most eastern european countries are in good shape.
• Inflation rate on a “clear downard trend, high energy prices could push up inflation though
• SMP has not been active in recent weeks, SMP was never intended to be permanent
• Sees no need to intervene in bond markets
• Not necessary to build new crisis firewalls
• Eurozone outlook much better than the fall of 2011
• Austerity can’t be the whole story for Greece
• Euro area imbalances getting smaller
• Foreign investment is the ” key to success” for Greece