• Govt refinancing ‘biggest problem’ in Europe
  • ECB role on banks to be clarified this year
  • Must keep monetary policy, bank oversight seperate
  • ECB under ‘time pressure’ on bank oversight role
  • ‘Concerned’ about ‘standstill’ in Greece
  • ECB rate cut was ‘important contribution’
  • Central banks need ‘sense of proportion’ on rates
  • Europe has ‘execution problem’ on its own actions
  • ESM was supposed to be active already but isn’t
  • ECB never pre-commits on rates
  • Negative deposit rates wouldn’t have much effect
  • Central banks shouldn’t use all firepower at once
  • Rate cut will have effect through cheaper credit

Bloomberg reporting.