Bundesbank head Weidmann and ECB governing council member 8 Sept

  • slow inflation and uncertainty over inflationary path were behind ECB decision yesterday to wait and assess monetary situation

Tell us something we don't already know.

  • ECB proposes maturities of EZ bonds be automatically extended if issuing country applies for rescue money
  • printing money to fight unemployment ends with higher inflation and higher unemployment

One out of two ain't bad.

  • over the long term mon pol can not go against the will of the people in democratic states
  • our compass is and remains orientated toward stability
  • ECB gov council will need steadfastness in future to normalise mon pol, raise rates again
  • EU, Eurosystem crisis measures have not made monetary union more durably stable
  • necessary to eliminate economic links between banks and EZ member states

Not a lot here of real note but finding a steadfast ECB governing council to raise rates as he wants might be a tall order.

EURUSD 1.2056 EURGBP 0.9169 EURJPY 129.87 all a tad lower again

Weidmann -Concerns over lack of inflation persist