• Emerging markets have been affected by capital flows
  • Agreed with LatAm bankers that flexible exchange rates are welcome
  • Appropriate for surplus countries to boost domestic demand
  • Appropriate to maintain full funding for banks
  • Capital controls should be used with caution
  • Important clarification from finance ministers that IMF global criteria is the one that Europe will apply
  • No position on euro bonds, does not like proposals floated before agreement