• 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