• Recent confidence indicators confirm expectation of gradual improvement in economy
  • Monetary policy stance will remain accommodative for as long as possible, will remain in line with forward guidance given in July
  • Will monitor all incoming data
  • Inflation outlook unchanged in medium term
  • LTRO repayments reflect improvement in financial markets
  • Will remain particularly attentive to money market developments for mon pol
  • Blames weather for lack of recovery in early part of year
  • Expects gradual recovery in EZ (weather permitting)
    ;-)
  • Output expected to recover at slow pace
  • Sees GDP at -0.4% 2013 1.0% 2014
  • Recent developments in money and financial markets may negatively affect economic downside
  • Higher commodity prices pose downside risk to growth
  • Underlying price pressures to remain subdued, inflation anchored
  • Inflation forecast 1.5% 2013 (from 1.4% forecast in June) 1.3% 2014
  • Weak loan dynamics reflect stage of business cycle
  • Loans reflect ongoing credit risk and balance sheet adjustment
  • Fragmentation must decline further, essential to strengthen banks resilience, banking union should do this
  • Countries should not unravel reform efforts
  • States need to continue reforms to increase labour demand

On to Q&A