• Picture of a weakening economy to influence economic projections in December
• Discussed interest rates at today’s meeting; did not discuss what they will do next year
• Has not discussed negative rates on deposits
• OMT has helped spark a return of deposit flows back into the euro zone, third month in a row, since announcement
• Unsecured lending rising in EZ, a positive sign
• Target2 balances have stabilized
• OMT announcement tantamount to a policy easing
• Up to Spain to decide whether to seek bailout; we stand ready to act