- 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
