• Starting to see some progress in lending now, lending channels are improving
• Problem of lending was down to lack of demand as well as lack of supply
• SME survey listed lack of customers ahead of lack of available credit
• UK’s funding for lending scheme is a possibly the type of instrument we could use
• Exchange rate is not policy target but it is important for price stability
• Is important part of of ECB assessment of monetary policy
• ECB monetary policy has and is very accommodative
• ECB will be publishing forecasts up to 2016 for first time on Thursday
• AQR only useful if transparent, vigorous and consistent across all ECB supervised banks