• We have an extremely trusting relationship with the Fed (ahhh, ain’t that nice)
• Stability of prices is essential for stability of the euro zone
• All industrialised countries must reinforce their budget management
• There is no currency war, does not correspond to thinking of central banks
• Emerging economies with big surpluses should progressively make currencies more flexible
• All EU countries should have higher growth rate if they undertake reforms
• Euro zone fiscal deficit next year will be lower than US and Japan
• EU govts must state clearly that they will not seek haircuts, restructuring in return for aid (are you listening in Berlin)
• New system of global governance with developed and developing countries is working
• We need a quantum leap in governance in the euro zone
• We are encouraging govts to take fiscal actions “commensurate to challenges”
• This is no time for complacency on financial sector or real economy
• Euro is credible currency, has concceved value
• Budgetary problems in Europe will be corrrected